Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
1. Whether an appeal lies against the communication dated January 22, 2007 sent by the adjudicating officer to the appellant informing the latter his decision to continue with the enquiry under Rule 4(3) of the Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter called the Rules) is the question which arises for our consideration in this appeal. Facts giving rise to this appeal which lie in a narrow compass are these: 2. The Securities and Exchange Board of India (for short the Board) ordered investigations in respect of the irregularities allegedly committed in the Initial Public Offerings (IPOs) during the years 2003 to 2005. The investigation report revealed that a large number of intermediaries and others including the appellant had committed serious irregularities in the IPOs during the relevant period. On the basis of the report, the Board decided to initiate proceedings against the appell...
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