BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI

Date : 25.06.2019
Appeal No. 257 of 2019

Keshav Prasad Misra & Ors. …Appellants

Versus

Securities and Exchange Board of India & Ors. …Respondents

Mr. Kevic Setalvad, Senior Advocate with Mr. L.S. Shetty, Mr. U.P. Naik, Mr. Arnav Misra, Ms. Sarika Lalit and Ms.
Ameya Kulkarni, Advocates i/b Shetty,a Malhotra & Associates
for Appellants.

Mr. Mihir Mody, Advocate with Mr. Sushant Yadav, Advocate i/b K. Ashar & Co. for Respondent No. 1.

Mr. Rashid Boatwalla, Advocate with Mr. Rahul Jain and Pruthvi Dhinoja, Advocates i/b MKA & Co. for Respondent No.2.

Mr. Pulkit Sukhramani, Advocate i/b J. Sagar Associates for Respondent No. 3.

Mr. Somasekhar Sundaresan, Advocate with Mr. Tomu Francis and Mr. Manish Chhangani, Advocates i/b Khaitan & Co. for Respondent No. 4.

Mr. Piyush Raheja, Advocate with Ms. Shruti Rajan, Mr. Abhijit Das and Mr. Rushin Kapadia, Advocates i/b Cyril

Amarchand & Mangaldas for Respondent No. 9.

None for Respondent Nos. 5 to 8.

ORDER:
1. The grievance of the appellants is that their investments given to Allied Financial Services Private Limited have been illegally transferred to IL&FS Securities Services Limited for clearing the trades of other parties. Such trades are to be honoured latest by June 27, 2019. In this regard the appellants have made a complaint before SEBI which has remained unattended till date.

2.While the matter was being heard, we directed the learned counsel appearing for SEBI to seek necessary instructions as to how the appellants are to be protected, if they are found to be genuine investors.

3.When the matter was again taken up after lunch a submission was made by the learned senior counsel that they need further time to seek complete instructions in the matter and requested that the matter may be taken up tomorrow.

4.In the light of the aforesaid, we adjourn the matter today and the same would be taken up tomorrow i.e. on June 26, 2019 as the first case at 10.30 a.m. We make it clear that the complete instructions be obtained from SEBI, namely, as to how the appellants and other concerned entities would be protected under the SEBI Act if they are found to be genuine investors at the end of the day.

Sd/Justice Tarun Agarwala
Presiding Officer

Sd/Dr. C.K.G. Nair
Member

Sd/Justice M.T. Joshi
Judicial Member
25.06.2019
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