1. Against the petitioners in all these petitions the Securities and Exchange Board of India (SEBI, for short), which is a statutory body constituted under the SEBI Act, 1992 (hereinafter referred to as the Act), has filed complaints under Section 24(1) and Section 27 of the Act. These complaints relate to the alleged offence committed by the petitioners, under the aforesaid provisions of the Act, prior to 29.10.2002. As per the said provisions prevalent at that time, the offences for which the petitioners are being prosecuted contained a maximum term of one years imprisonment. The complaints filed are in the nature of summons cases and having regard to the aforesaid maximum imprisonment which could be given to the accused held guilty of the offence, these are triable by the Court of Magistrate. Thus, the complaints were filed before the Magistrate who had taken cognizance thereof.

2. The provisions of the Act were amended with effect from 29.10.2002. These very offences, because of the amendment, are now punishable with 10 years imprisonment and, thus, triable by a Sessions Court. There is no dispute that insofar as substantive provision relating to the sentence is concern