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NEW DELHI: Giving primacy and weightage to the market regulator’s view, the Supreme Court on Friday ruled that Securities Appellate Tribunal (SAT) or any court must mandatorily seek expert views of Sebi and “be wary” of proceeding contrary to it while deciding on cases of fraud and crimes related to stock markets. Rejecting an appeal for compounding of offences relating to stock price rigging in a 1996 IPO floated by Varanasi-based Ideal Hotels & Industries, a bench of Justices D Y Chandrachud and M R Shah said, “.before taking a decision on whether to compound an offence punishable under Section 24(1) of SEBI Act, the SAT or the court must obtain the views of Sebi for furnishing guidance to its ultimate decision”. “These views, unless manifestly arbitrary or mala fide, must be accorded a high degree of deference. The court must be wary of substituting its own wisdom on the gravity of the offence., while discarding the expert opinion of Sebi,” said Justice Chandrachud

Justice chandrachudHotels industriesSupreme court onSupreme courtSecurities appellate tribunalVaranasi based ideal hotelsJusticesdy chandrachudஹோட்டல் தொழில்கள்உச்ச நீதிமன்றம் ஆன்உச்ச நீதிமன்றம்பத்திரங்கள் மேல்முறையீடு தீர்ப்பாயம்