1. These four appeals are directed against the Respondent’s composite order pertaining to the appellants passed on 30-7-2002. The order is under regulation 29(3) of the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) Regulations, 1992 (the Stock Broker Regulations) read with regulation 13 of the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995 (the FUTP Regulations). According to the Respondent (SEBI) "the index movements of stock exchanges showed excessive volatility especially during mid February to mid March, 2001". In the context of "apprehensions of possible attempts by certain entities to distort the true market discovery and manipulate the securities market" SEBI carried out a preliminary investigation to find out the role of various entities including the Appellants. According to SEBI these preliminary investigations revealed that the Appellants had indulged in large trading transactions in the scrips of some companies (stated in the impugned order) and "these transactions prima facie appeared, inter alia, to have been carried out to artificially depress