* IN THE HIGH COURT OF DELHI AT NEW DELHI

% Judgment Reserved on: 04.12.2025

Judgment delivered on: 23.12.2025

Judgment uploaded on: As per Digital Signature~

+ CHAT.A.REF 2/2018

COUNCIL OF INSTITUTE OF CHARTERED ACCOUNTANTS

.....Petitioner

versus

SHRI KISHAN GUPTA AND ANR. .....Respondents

Advocates who appeared in this case

For the Petitioner : Mr. Deepin Deepak Sahni, Advocate.

For the Respondents : Mr. Vijendra Singh Mahndiyam, CGSC for

R2.

CORAM:

HON'BLE MR. JUSTICE V. KAMESWAR RAO

HON'BLE MR. JUSTICE VINOD KUMAR

JUDGMENT

V. KAMESWAR RAO, J.

1. This reference has been made by the Council of Institute of Chartered Accountants (“CICA”) seeking orders under Section 21(5) of the Chartered Accountants Act, 1949 (pre-amended) (“Act”) for removal of the name of respondent no. 1 namely Shri Kishan Gupta from the Register of Members

for a period of one year.

2. The Chairman of the Securities and Exchange Board of India (“SEBI”) vide order dated 12.12.2002 passed directions against the respondent no. 1 under Section 11B of the Securities and Exchange Board of India Act, 1992 read with Regulation of the SEBI (Prohibition of Fraudulent & Unfair Trade Practices relating to Securities Market) Regulations, 199