In The High Court at Calcutta Constitutional Writ Jurisdiction Original Side The Hon'ble Justice Sabyasachi Bhattacharyya W.P.O No.305 of 2022 IA NO: GA 1 of 2022 M/s. Dalmia Securities Private Limited and Another vs The Calcutta Stock Exchange Limited and Another For the petitioner : Mr. S.N. Mookherjee, Sr. Adv., Mr. Ratnanko Banerjee, Sr. Adv., Mr. Shaunak Mitra, Ms. Nandidni Khaitan, Mr. Pratik Shanu, Mr. Naman Choudhury, Mr. Mehul Bachhawat.

For the respondent no.1/

Calcutta Stock Exchange: Mr. Anirban Ray,Sr. Adv., Mr. Jayanta Sengupta, Mr. Uttam Kumar Mandal, Mrs. Maitree Roy Ms. Udita Mandal For the respondent no.2/

SEBI : Mr. P.K. Dutta, (VC)

Mr. S.K Dutta, (VC)

Mr. Syamantak Banerjee, (VC)

Heard on : 05.09.2023, 22.11.2023, 23.11.2023, 28.11.2023, 30.01.2024, 21.02.2024, 27.02.2024, 28.02.2024, 04.03.2024, 22.04.2024, 08.08.2025, 31.10.2025, 21.11.2025, 28.11.2025, 05.12.2025 & 19.12.2025 Reserved on : 19.12.2025 Judgment on : 09.01.2026 Sabyasachi Bhattacharyya, J:-

1. The writ petitioner no.1, M/s Dalmia Securities Private Limited, is a Company registered with the Securities and Exchange Board of India (SEBI), which is the second respondent, as a Stock Broker for carrying on a