IN THE SECURITIES APPELLATE TRIBUNAL

MUMBAI

 

 

Appeal No. 151 of 2006

 

Date of Decision

27.12.2006

 

 

Reliance Share & Stock Brokers Pvt. Ltd.	……	Appellant
Versus
Securities & Exchange Board of India	……	Respondent

 

 

Present :  Mr. E.P. Bharucha, Sr. Advocate with Ms. Anjali Chandurkar &         Mr. D.J. Kakalia, Advocates for the appellant

                  Mr. Kumar Desai & Dr. Poornima Advani, Advocates for the            respondent    

 

 

Coram:

          Justice N.K. Sodhi, Presiding Officer

           

 

Per:  Justice N.K. Sodhi, Presiding Officer

 

 

            Heard the learned senior counsel for the appellant and Shri Kumar Desai, Advocate on behalf of the respondent Board.

   2.            Admitted.

   3.            By the impugned order the certificate of registration of the appellant as a stock broker has been suspended for a period of four months.  If the operation of the order is not stayed during the pendency of the appeal, the period for which the certificate has been suspended will run out and no useful purpose will be served in hearing the appeal thereafter.  On the other hand, if the operation of the impugned order is stayed and the appeal were to fail, the period of suspension will operate afresh.  In this view of the matter, the balance of convenience is in granting interim stay in favour of the appellant.  Accordingly, the impugned order is stayed during the pendency of the appeal.

 

 

 

 

27.12.2006

 

 

//SR