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Selling of dematerialised shares issued in excess of authorised capital was a serious fraud on securities market

June 12, 2018[2018] 94 165 (SAT)

SEBI Act: When apart from appellant, other entities had also aided promoter of company in fraudulently off-loading dematted excess shares of company to investors, act of SEBI in merely debarring appellant from accessing securities market and imposing penalty of Rs. 1 lakh on most of entities but Rs. 16 lakh on appellant, and not initiating any proceeding against depositories was unjustified

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