COMPANY LAW/SEBI : Where penalty was imposed on appellants by Sr. Manager, Inspection amp; Audit for incorrect reporting on collection of margin from clients to Stock Exchange and appellants contended that impugned order passed by Sr. Manager, Inspection amp; Audit was without any authority of law as said person does not have power to adjudicate or impose a penalty under SEBI Act, Rules and Bye-laws of Exchange etc.
from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000314792/only-‘disciplinary-action-committee’-is-empowered-to-impose-a-penalty-under-sebi-act-and-rules-and-bye-laws-sat.aspx
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