Prosecution for Offences under SEBI Act, 1992 and Procedure
It has been held in Sanjay Kumar v. SEBI [2025] GCtR 1480 (Delhi) that proceedings for trial under the SEBI Act, 1992 are initiated on the complaint made by the SEBI by virtue of Section 26 of the SEBI Act. SEBI is a regulatory and prosecuting agency under the legislation.
Regulations cannot prohibit any Court to look into the material which was placed before the HPAC or the SEBI Board before it comes to the conclusion, to agree for compounding or not to agree for compounding of the offence. Under Regulation 29 of the SEBI (Settlement Proceedings) Regulations, 2018, the decision taken by the Board is not binding on the Court even if HPAC recommends for compounding of the offence.
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