Puneet Nikore vs Securities And Exchange Board Of India

We have heard the learned counsel for the parties through video conference.

The hearing in the appeal was reserved for orders on December 18, 2020. In the meanwhile, a Misc. Application No. 92 of 2021 has been filed

indicating that the appellant has received a bank draft for redemption of his REC 54 EC Bond which were purchased three years ago and which

matured on January 29, 2021. It was stated that before the bank draft could be presented for encashment the appellant received an email from the

Registrar and Transfer Agents intimating them not to encash as the appellant has been debarred from accessing the securities market pursuant to the

order dated February 18, 2020 passed by the Whole Time Member of the Securities and Exchange Board of India (“SEBIâ€​).

Prima facie, we find that encashment of a cheque / draft has nothing to do with the debarment of trading in securities. We accordingly direct the

present Misc. Application to be treated as a representation which SEBI will consider and pass appropriate orders by Monday (i.e. on February 08,

2021) positively and intimate the Registrar and Transfer Agents accordingly.

Put up this Misc. Application on February 09, 2021.

Parties are directed to take instructions from the Registrar 48 hours before the date fixed in order to find out as to whether the matter would be

taken up for hearing through video conference or through physical hearing.

The present matter was heard through video conference due to Covid-19 pandemic. At this stage it is not possible to sign a copy of this order nor a

certified copy of this order could be issued by the Registry. In these circumstances, 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. Parties will act on production of a digitally

signed copy sent by fax and/or email.