Supreme Court of India
Securities and Exchange Board of India v. M/s. Opee Stock-link Ltd. & Anr.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the view that the Whole Time Member as well as the Adjudicating Officer of the SEBI were justified in imposing penalty upon the respondents for the reasons recorded by them. 1.
Judgment, page 10
From the headnote
Securities Contracts (Regulation) Act, 1956 - ss. 13, 2(i) - Securities and Exchange Board of India Act, 1992 - s. 12A(a), (b), (c) - Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Markets) Regulations, 2003 - Initial public offerings (!PO) - Shares offered to public at large by two companies - Shares over subscribed - Shares meant for Retail Individual Investors cornered through hundreds of benami/fictitious demat account holders through off market transactions - Violation ofs. 12A(a), (b). (c) of the SEBI Act and Regs 3
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