JUDGMENT :

1. Heard Dr. Ashok Saraf, learned senior counsel assisted by Mr. A. Goyal, learned counsel for the petitioners and Ms. M. Hazarika, learned senior counsel assisted by Mr. D. Khan, learned counsel for the respondents in the SEBI in WP(C) No. 530/2022, WP(C) No. 765/2022, WP(C) No. 767/2022, WP(C) No. 852/2022, WP(C) No. 1179/2022, WP(C) No. 1427/2022, WP(C) No. 1434/2022, WP(C) No. 1455/2022 and WP(C) No. 1533/2022 and Mr. A. Choudhury, learned senior counsel assisted by Mr. A Mahadevan Sethi learned counsel for the respondents in the SEBI in WP(C) No. 766/2022 and WP(C) No. 764/2022.

2. All the writ petitioners herein are engaged in the activity of purchasing and selling of shares listed under the Securities and Exchange Board of India (for short ‘SEBI’). According to the respondents in the SEBI, the persons engaged in buying and selling of the shares also indulges in buying of a particular share of a listed company and immediately thereafter, sell the purchased share at a price which would be lower than the price at which the shares were purchased, and the time gap between the purchase and sell of the shares at times may also be a fraction of a second. It came to the noti