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N.V.RAMANA, RANJAN GOGOI
SECURITIES AND EXCHANGE BOARD OF INDIA – Appellant
Versus
KANAIYALAL BALDEVBHAI PATEL – Respondent
JUDGMENT
N. V. RAMANA J.
The important question of law, arising in these batch of cases, being similar and the facts involved being largely comparable, all the appeals were heard together and are being decided by this common judgment.
2. This case revolves round the legality of `non-intermediary frontrunning' in security market under the SECURITIES AND EXCHANGE BOARD OF INDIA (PROHIBITION OF FRAUDULENT AND UNFAIR TRADE PRACTICES RELATING TO SECURITIES MARKET) REGULATIONS, 2003 [hereinafter `FUTP 2003' for brevity]. As SEBI Appellate Tribunal [hereinafter `SAT' for brevity] has taken two different views in different cases appealed herein, Securities and Exchange Board of India [herein after `SEBI' for brevity] as well as private individuals, who are alleged to have been involved in front running, are in appeal before us.
3. A brief factual background would be necessary before we deal with the question of law that has arisen in this case instant. Broadly to understand the issue at hand, the facts in CIVIL APPEAL NO. 2595 OF 2013 AND 2596 OF 2013 (related cases) may be stated in bri
None of the listed cases explicitly indicate that they have been overruled, reversed, or otherwise treated as bad law. There are no keywords such as "overruled," "reversed," "criticized," or "disapproved" associated with any of the case citations. Therefore, based on the provided information, there are no cases identified as bad law.
Followed/Supported:
SECURITIES AND EXCHANGE BOARD OF INDIA VS RAKHI TRADING PRIVATE LTD. - 2018 3 Supreme 257: This case discusses the Court's position on unfair trade practices, citing a prior SEBI decision from 2005, indicating a reliance on and support for earlier jurisprudence.
Sunita Agarwal W/O- Sri Sanjay Agarwal VS Securities And Exchange Board Of India - 2022 0 Supreme(Gau) 586: The case references the same case (Kanaiyalal Baldevbhai Patel) and discusses the need for a comprehensive approach, implying adherence to established principles.
Sruti Bandopadhyay VS Visva-Bharati - 2024 0 Supreme(Cal) 395: The case elaborates on the meaning of “inducement,” building on the earlier case, suggesting it follows and supports existing legal understanding.
Govind Impex (P) Ltd. VS Appropriate Authority, Income Tax Department - 2010 8 Supreme 440: Explains application of a statutory provision, likely following statutory interpretation principles.
N. NARAYANAN VS ADJUDICATING OFFICER, SEBI - 2013 3 Supreme 748: States SEBI’s duty, reflecting an ongoing recognition of regulatory responsibilities, consistent with prior rulings.
Krishi Utpadan Mandi Samiti Sahaswan District Badaun through its Secretary VS Mohammed Ibrahim - 2004 1 Supreme 1047: Discusses valuation principles under the Land Acquisition Act, referencing statutory standards, indicating adherence to established legal framework.
Distinguished/Clarified:
63 Moons Technologies Limited, (Formerly known as Financial Technologies (India) Ltd. VS Wadhwan Global Capital Limited - 2023 0 Supreme(Mad) 223: Mentions multiple cases (11, 14) of SEBI v. ... but does not specify treatment. The inclusion of multiple references suggests it may be clarifying or consolidating case law rather than overruing or criticizing.
Unclear/Neutral:
Securities and Exchange Board of India VS Kishore R. Ajmera - 2016 2 Supreme 257: Discusses inference in absence of direct evidence, which appears to be a general legal principle rather than a specific case treatment.
63 Moons Technologies Limited, (Formerly known as Financial Technologies (India) Ltd. VS Wadhwan Global Capital Limited - 2023 0 Supreme(Mad) 223: The treatment of this case is not explicitly stated; it references multiple SEBI v. ... cases but does not specify whether it followed, distinguished, or criticized previous rulings. Its treatment remains ambiguous based on the provided excerpt.
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