( 1 ) THESE two petitions raise identical issues and are therefore, decided by this common order.

( 2 ) PETITIONERS have challenged issuance of summons to them by the Security and exchange Board of India (for short SEBI)-respondent to appear, before the Invesitgating authority u/s. 11 (3) of the SEBI Act. The contention of the petitioners is that under the provisions of the CEBI Act and under the provisions that have been referred to in the summons, petitioners can called upon to furnish information nor an enquiry can be made against them. Their case is that the petitioners in both the cases are purchasers of securities namely shares of Mr. Madanlal B Purohit listed at Stock Exchange, Bombay. Merely because as investors they have dealt with those shares through Stock Brokers at stock Exchange, Bombay, they do not fall in category of person against whom inquiry can be instituted or from whom information can be called or discovery of documents can be made. Leanred counsel for the petitioners in support of his arguments relies on the statutory provisions contained in section-11, sub-section (2) clause (i) read with sections 11b and 12 of the SEBI Act. He contends that the