Sparrow Asia Diversified And Others vs Securities And Exchange Board Of India

Tarun Agarwala, Presiding Officer

We have heard the learned counsel for the parties. The present appeal has been filed against the order dated October 26, 2021 wherein appellants Sparrow Asia Diversified Opportunity Fund and Aspire Emerging Fund have been debarred from accessing the securities market for a period of 8 years. Further, the Whole Time Member (“WTM” for convenience) directed Aspire Emerging Fund to disgorge s sum of Rs. 92,73,52,012.

Having heard the learned counsel for the parties, we are of the opinion that the controversy involved in the present appeals is squarely covered by a decision of this Tribunal in Appeal No. 251 of 2022 Aspire Emerging Fund vs SEBI and Appeal No. 345 of 2022 Sparrow Asia Diversified Opportunities Fund vs SEBI and other companion appeals decided on 13.09.2023.

For the reasons stated aforesaid, the impugned orders in so far as it relates to the appellants are quashed. The appeals are allowed with no order as to costs.