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Judgment
There is a delay in the filing of the appeal. For the reasons stated in the application, the delay is condoned. The application is allowed.
Let a reply be filed by the respondent within three weeks. Rejoinder may be filed within three weeks thereafter. Let the matter be listed for admission and for final disposal on September 25, 2023.
Considering the facts and circumstances that has been brought on record, we find that the direction to pay penalty seems to be harsh and inappropriate as prima facie it appears to be a case of providing investment advisory services without obtaining registration. We consequently direct that the direction of the Whole Time Member (WTM) directing the appellant to pay penalty shall remain stayed during the pendency of the appeal.
This order will be digitally signed by the Private Secretary on behalf of the bench and all concerned parties are directed to act on the digitally signed copy of this order. Certified copy of this order is also available from the Registry on payment of usual charges.