IN THE SUPREME COURT OF INDIA

CIVIL APPELLATE JURISDICTION

CIVIL APPEAL NO.4271 OF 2006

M/s. Paramjeet & Co.                     ...Appellant(s)

Versus

S.E.B.I.                    ...Respondent(s)

O  R  D  E  R

Heard learned counsel on both sides.

By  consent,  the  matter  is  taken  up  for  final  

hearing.

It appears from the impugned order that Securities  

Appellate Tribunal [for short, “S.A.T.”] has dismissed the  

appeal of the appellant herein [Broker] against the order  

of suspension passed by Securities and Exchange Board of  

India [for short, “S.E.B.I.”] only on the ground that the  

appellant has suffered the punishment.  It is the case of  

the appellant that he had preferred Appeal No.65 of 2006  

before S.A.T. to be decided on merits because he continues  

to  carry  the  stigma  imposed  by  virtue  of  the  impugned  

order of S.E.B.I.  We find merit in this contention.

For  the  afore-stated  reasons,  we  set  aside  the  

impugned order and remit the case to S.A.T. for  de novo  

consideration  in  accordance  with  law  on  merits.   We,  

however, express no opinion on the merits of the case.

......................J.            [S.H. KAPADIA]

......................J.            [AFTAB ALAM]

New Delhi, December 04, 2009.