Analysis of Supreme Court Judgement in Adjudicating Officer SEBI vs. Bhavesh Pabari

Whether the conditions stipulated in clauses (a), (b) and (c) of Section 15­J of SEBI Act, 1992 are exhaustive to govern the discretion in the Adjudicating Officer to decide on the quantum of penalty or the said conditions are merely illustrative?

Having dealt with the submissions advanced by the rival parties, we are inclined to take the view that the provision of clauses (a), (b) and (c) of Section 15­J are illustrative in nature and have to be taken into account whenever such circumstances exist. But this is not to say that there can be no other circumstance(s) beyond those enumerated in clauses (a), (b) and (c) of Section 15­J that the Adjudicating Officer is precluded in law from considering while deciding on  the quantum of penalty to be imposed.

Judgement link : https://www.sci.gov.in/supremecourt/2013/36291/36291_2013_Judgement_28-Feb-2019.pdf