JUDGMENT :

Petitioners are Fellow Members of the Institute of Chartered Accountants of India. They were appointed as Debenture Trustees of an incorporated Company. The petitioners are aggrieved by a show-cause notice dated 13.03.2020, issued by the Deputy General Manager of Securities and Exchange Board of India.

2. The parties to the writ petitions are referred to in this judgment in the order they appear in the cause title and the exhibits as they are marked, in W.P.(C) No.13682 of 2020. The 2nd respondent is Securities and Exchange Board of India (hereinafter referred to as ‘the SEBI’). The 4th respondent is BRD Securities Limited (hereinafter referred to as ‘the Company’). The Reserve Bank of India (RBI), in exercise of its powers under Section 45-IA of the Reserve Bank of India Act, 1934, issued Ext.P1 Certificate of Registration to the 4th respondent-Company to commence/carry on the business of Non Banking Financial Institution, subject to conditions.

3. While the 4th respondent-Company was functioning, the SEBI issued Ext.P2 show-cause notice dated 13.03.2020. Ext.P2 was issued to 14 noticees. Noticees 1 to 12 are the Company and its 11 Directors/former Directors. The 13th and