( 1 ) THIS writ petition has been filed for quashing the orders dated 8. 10. 2003 and 15. 10. 2003 (Annexures-5 and 7) passed by the respondents imposing a penalty of Rs. 1 lakh and not to hear the appeal till the said amount is deposited.

( 2 ) FACTS and circumstances giving rise to this case are that the petitioners are registered members and share-brokers of the U. P. Stock Exchange Association Ltd. , Kanpur, respondent No. 1, hereinafter called the "association". The Board of the Association stood superseded as per the orders of the Securities and Exchange Board of India, respondent No. 3, hereinafter called the "sebi" vide order dated 12. 5. 2002. Association issued show cause notices dated 18. 12. 2002 to the petitioners as to why they should not be suspended for unauthorised carry forward transactions. They submitted the replies, which were considered and the matter was referred to the Disciplinary Committee of the Association, respondent No. 2. Petitioners were heard in person. Respondent No. 2 passed order dated 8. 10. 2003 imposing the penalty of Rs. 1 lakh on each petitioner and directed them to deposit the same by 15. 10. 2003. Being aggrieved, petitio