JUDGMENT :

1. Saurashtratra Kutch Stock Exchange Limited is in appeal under Section of the Securities Contracts (Regulation) Act, (for short, 'the Act') against the judgment and order dated July, passed by the Securities Appellate Tribunal (for short, 'the Appellate Tribunal') whereby its appeal was dismissed.

2. The appellant was granted recognition in as Stock Exchange under the Act. The recognition was renewed from time to time; the last of such renewal being in 2006. On February,, the appellant was issued show cause notice by the Securities and Exchange Board of India (SEBI) to show cause as to why its recognition be not withdrawn under Section(1) of the Act. The show cause notice indicated diverse failures and non-compliances on the part of the appellant. The appellant responded to the show cause notice. The full time member of SEBI, vide his order dated July,, ordered withdrawal of recognition of the appellant and further directed that the trading members of the appellant shall cease to be its trading members and therefore liable to be de-registered as stock brokers and, therefore, their certificate of registration granted by SEBI shall stand automatically cancelled. The appell