JUDGMENT

ANIL R. DAVE, J

1. All these appeals have been filed under the provisions of Section 15-Z of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘the Act’) challenging the impugned order dated 30th December, 2009, passed by The Securities Appellate Tribunal, Mumbai (hereinafter referred as “SAT”) in Appeal Nos. 16 to 20 of 2009, whereby the SAT has allowed the appeals filed by the respondents herein and set aside the orders dated 31st December, 2008 passed by the Whole Time Member and the Adjudicating Officer, SEBI.

2. These are the cases which reflect the manner of getting excessive number of shares in an irregular manner, which would adversely affect Retail Individual Investors, who are the persons with relatively less means and who desire to invest their hard earned money into shares of companies, whereby they also make an effort to participate in the progress of our economy. So as to see that the Stock Exchanges of the country and the persons connected therewith do not indulge themselves into illegalities or irregularities, the Act has been enacted and the functionaries under the Act have to see that no financial scams take place in the mat