JUDGMENT

HARISH VAIDYANATHAN SHANKAR, J.

1. These two cross Letters Patent Appeals, LPA 412/2018 and LPA 550/2018, filed under Clause 10 of the Letters Patent read with Section 5(1) of the Delhi High Court Act, 1966, assail the Judgment dated 09.07.2018, Impugned Judgment passed by the learned Single Judge in W.P.(C) 8394/2014, titled “Amit Jain v. Securities and Exchange Board of India & Anr.”.

2. By the Impugned Judgment, the learned Single Judge set aside the Show Cause Notice dated 14.11.2013 and the consequential adjudication proceedings on the ground that the appointment of the Adjudicating Officer, AO, in the absence of a recorded opinion under Rule 3 of the Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995, SEBI Adjudication Rules, was without jurisdiction.

3. As both appeals stem from the same Impugned Judgment, they are being disposed of by this common judgment. For the sake of convenience, clarity, and to avoid repetitive description of party ranks in this common judgment, the Appellant in LPA 412/2018, Securities and Exchange Board of India, shall hereinafter be referred to as “SEBI”, and the Ap