2. The appellant, who is a member of the Bhubaneshwar Stock Exchange, challenges the order passed by Chairman of SEBI dated 8th of September 2003. By the said order, the appellant was injuncted from the securities market until further orders for the alleged siphoning off of funds of the Bhubaneshwar Stock Exchange Members Welfare Trust. The operative portion of the impugned order reads at paragraph 4 as follows: "Therefore, in exercise of the powers conferred upon me under Section 4(3) of the SEBI Act, 1992, read with Sections 11 and 11B of the SEBI Act, 1992, I hereby direct that Tulsi D. Bhayana, erstwhile member of Bhubaneshwar Stock Exchange and holder of SEBI Registration Certificate bearing number - INB170264715 shall not associate himself with the securities market and shall not buy, sell or otherwise deal in the securities market and shall not buy, sell or otherwise deal in the securities market till further orders." 3. It appears to us that this is an open ended inquiry and from 8th of September 2003, the order banning the appellant from the securities market is in force.
4. The learned counsel for the respondent, Mr. Desai, submitted that the enquiry will be completed within eight weeks from the date of receipt of this order. We feel it appropriate to direct the respondent to complete the enquiry as expeditiously as possible and, at any rate, within eight weeks from the date of receipt of this order.
5. It was submitted by the learned senior counsel for the appellant that the appellant was a director of Indian Finance Guaranty Ltd. (IFGL) and that IFGL has been absolved by SEBI on the same allegations by its order dated 22nd September 2004. The operative portion of the order with regard to the company reads as follows: "Therefore, I, in exercise of the powers conferred upon me in terms Section 4(3) of the SEBI Act and Regulation 13(4) of the enquiry regulations do hereby direct that the proceedings against Indian Finance Guaranty Limited under the enquiry regulations shall stand terminated. I also vacate the prohibition imposed on Indian Finance Guaranty Limited vide orders dated 29.10.2002 and 16.1.2004.
However, I direct the said broker to be more careful and diligent in future." It was submitted that a similar order was also passed against one of the co-directors. It was also submitted that although FIR was filed against the appellant, no charge-sheet was filed against the appellant or against IFGL. However these are matters that will have to be determined by the respondent and we are sure that all relevant factors will be taken into account with respect to persons similarly placed and in conformity with earlier orders as against others similarly placed and we have no doubt that the final order against the appellant would be in conformity with principles of natural justice and in accordance with Article 14 of the Constitution of India and in accordance with law.