$~181 * IN THE HIGH COURT OF DELHI AT NEW DELHI + W.P.(C) 19247/2025 YOGIETA SONDHI MEHRA .....Petitioner Through: Mr. Rajiv Nayyar, Sr. Adv., Ms.

Awantika Manohar, Ms. Parul Dhurvey. Mr. Manan Mehra and Mr.

Aman Kr. Pandey, Advs.

versus SECURITIES AND EXCHANGE BOARD OF INDIA & ANR.

.....Respondents Through: Mr. Neeraj Malhotra, Sr. Adv., Mr.

Mahfooz Nazki, Mr. Ashish Prasad, Ms. Mukta Dutta and Mr. Hasnat Nazki, Advs.

CORAM:

HON'BLE MR. JUSTICE SACHIN DATTA

O R D E R

% 18.12.2025 CM APPL.80289/2025 (Exemption)

1. Allowed, subject to all just exceptions.

2. Application stands disposed of.

W.P.(C) 19247/2025 and CM APPL.80288/2025

3. The present petition has been filed by the petitioner impugning summons dated 11.11.2025 and 01.12.2025 bearing Nos. SEBI/HO/ISD/ISD-SEC-2/P/OW/2025/ 28360/1 and SEBI/HO/ISD/ISD- SEC-2/P/OW/2025/ 30070/1, respectively, issued by Securities and Exchange Board of India (SEBI) under Sections 11C(3) and 11C(5) of the Securities and Exchange Board of India Act, 1992 (hereinafter “SEBI Act”). 4. Learned senior counsel for the petitioner submits that the said summons have been issued wholly without jurisdiction. He draws attention to Section 11C of the SEBI Act, 1992 which reads as under:

“11-C. Investigation.-(1) Where the Board has reasonable ground to believe that—

(a) the transactions in securities are being dealt with in a manner detrimental to the investors or the securities market; or (b) any intermediary or any person associated with the securities market has violated any of the provisions of this Act or the rules or the regulations made or directions issued by the Board thereunder, It may, at any time by order in writing, direct any person (hereafter in this section referred to as the Investigating Authority) specified in the order to investigate the affairs of such intermediary or persons associated with the securities market and to report thereon to the Board.

(2) Without prejudice to the provisions of Sections 235 to 241 of the Companies Act, 1956 (1 of 1956), it shall be the duty of every manager, managing director, officer and other employee of the company and every intermediary referred to in Section 12 or every person associated with the securities market to preserve and to produce to the Investigating Authority or any person authorised by it in this behalf, all the books, registered, other documents and record of, or relating to, the company or, as the case may be, of or relating to, the intermediary or such person, which are in their custody or power.

(3) The Investigating Authority may require any intermediary or any person associated with securities market in any manner to furnish such information to, or produce such books, or registers, or other documents, or record before it or any person authorised by it in this behalf as it may consider necessary if the furnishing of such information or the production of such books, or registers, or other documents, or record is relevant or necessary for the purposes of its investigation.

(4) The Investigating Authority may keep in its custody any books, registers, other documents and record produced under sub-section (2) or sub-section (3) for six months and thereafter shall return the same to any intermediary or any person associated with securities market by whom or on whose behalf the books, registers, other documents and record are produced:

Provided that the Investigating Authority may call for any book, register, other document and record if they are needed again:

Provided further that if the person on whose behalf the books, registers, other documents and record are produced requires certified copies of the books, registers, other documents and record produced before the Investigating Authority, it shall give certified copies of such books, registers, other documents and record to such person or on whose behalf the books, registers, other documents and record were produced.

(5) Any person, directed to make an investigation under sub-section (1), may examine on