Setting aside the order of the Securities and Exchange Board of India (SEBI) and affirmed by the Securities Appellate Tribunal (SAT) that held the Managing Director of PC Jewellers and some of his relatives guilty of insider-trading, the Supreme Court (‘SC’) held that: “it is the duty of the first court of appeal to deal with all the issues and evidence led by the parties on both, the questions of law as well as questions of fact and then decide the issue by providing adequate reasons for its findings. Unfortunately, the SAT failed to apply its mind on the issues raised by the parties and routinely affirmed the findings of the Whole Time Member (WTM) of SEBI without dealing with the issues at hand.”
Strategic Consultant
