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Price rigging case: Bombay HC order on Saturday

A division bench of Bombay high court comprising Justice Ashok Agarwal and Justice S S Pakar will deliver order on Saturday on an appeal filed by three broking firms against the Securities and Exchange Board of India challenging the SEBI's ban on their operation for their alleged involvement in price rigging on the bourses.

The division bench has reserved its judgement till Saturday when the case came up for hearing today.

Advocate Rafiq Dada who appeared before the court strongly pleaded on the SEBI's action and told the court that under Section 11(b) of the SEBI Act 1992, there is an enabling provision enacted to empower the SEBI to protect the interest of investors and to promote the development of and to regulate the securities market and to prevent malpractices and manipulation inter alia by brokers.

In his submission, the SEBI counsel further stated that such an enabling provision must be construed so as to subserve the purpose for which it is enacted and urged the court that a construction which advances this object should be preferred rather than one which attempts to find a way to circumvent it.

Advocates K K Singhvi and Dhananjay Chandrachud appeared on behalf of the petitioners.

UNI

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