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JAGDISH SINGH KHEHAR, M.Y.EQBAL
Videocon International Ltd. – Appellant
Versus
Securities & Exchange Board of India – Respondent
What is the effect of amending section 15Z of the SEBI Act (change of forum from High Court to Supreme Court) on vested substantive rights to appeal and pending actions? What is the correct retrospective or prospective effect of the SEBI Amendment Act, 2002 on second appellate remedies and on appeals filed before or after the amendment? Do pending appeals exist before the amendment and remain maintainable, or must they proceed before the new forum, considering general clauses acts and established precedents on vested rights and retroactivity?
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JUDGMENT
Jagdish Singh Khehar, J.
1. The Securities and Exchange Board of India Act, 1992 (hereinafter referred to as, the SEBI Act) was enacted to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market. The Securities and Exchange Board of India (hereinafter referred to as, the Board) was vested with statutory powers to effectively deal with all matters relating to the capital market.
2. The functions of the Board have been depicted in Section 11 of the SEBI Act. Under Section 11 of the SEBI Act, the powers of the Board include, the power to suspend the trading of any security in a recognized stock-exchange; the power to restrain from accessing the securities market and prohibit any person associated with the securities market from buying, selling or dealing in securities; the power to suspend any office-bearer of any stock-exchange or self-regulatory organization from holding such position; the power to impound and retain the proceeds or securities in respect of any transaction which is under investigation; the power to attach after passing of an order on an application made for approval (by the Judicial Magistrate
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