Judgment :

Dr. ARIJIT PASAYAT, J.

1. In both these appeals common points are involved and are, therefore, taken up together for disposal. In both these appeals challenge by the Securities and Exchange Board of India (in short `SEBI) is to the order passed by the Securities Appellate Tribunal (in short the `Tribunal).

2. Factual Position is almost undisputed and in respect of the appellants stand as follows:

(I) C.A. No. 3696 of 2005:

The Respondent has acted as a sub-broker at the National Stock Exchange with 2 NSE Members, MIS PCS Securities Limited & M/S Zen Securities Ltd. without being registered as a sub-broker with the SEBI with the said Exchange for the Period from the years 2000-01, 2001-02 and from April, 2002 to May, 2002 and created the value of Rs.403.29 Crores, in breach of Section 12(1) of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the "Act") read with Rule 3 of the Securities and Exchange Board of India (Stock Brokers & Sub Brokers) Rules, 1992 (hereinafter referred to as the " Rules" )

(II) C.A. No. 4640 of 2006 ( SEBI Vs SHILPA STOCK BROKERS P. LTD & M/S MEHTA VAKIL & Co )

Tribunal has recorded the fair concession of the R