Content Provider | Supreme Court of India |
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e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | 1992: Securities and Exchange Board of India Act |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Case Type | Appeal |
Court | Supreme Court of India |
Disposal Nature | Appeal Disposed Off |
Headnote | Securities and Exchange Board of India Act, 1992:s.26(2) - Amendment causing change of forum of trial - Effectof. on pending proceedings - Complaints filed u/s. 26(2) againstprivate parties for offences punishable under SEBI Act - Offencesallegedly committed before SEBI Amendment Act, 2002 - Trial ofaccused by Metropolitan Magistrate or, Judicial Magistrate of thefirst class - Amendment to ss. 24 and 26 by the 2002 AmendmentAct whereby change in forum of trial - All pending matterstransferred to the concerned court of session - Challenge· to - Whilematters pending, 2014 Amendment Act' came in, whereby offencesarising under. 'SEBI Act' would be tried by a Special Court - Held:Change of 'forum' would operate retrospectively, and as such,pending proceedings would necessarily have to be transferred tothe changed 'forum '-Special Court - 'Forum' of trial earlier vestedin the Court of Metropolitan Magistrate or, Judicial Magistrate ofthe first class after 'the 2002 Amendment Act', was retrospectivelychanged to the Court of Session - In view thereof. the trials even inrespect of offences allegedly committed before '2002 AmendmentAct' became operational, whether in respect whereof trial had orhad not been initiated, would stand jurisdiction ally vested in a Courtof Session - Similarly, trials of offences under SEBI Act, consequentupon '2014 Amendment Act would stand jurisdictional transferredfor trial to a Special Court, irrespective of whether the offence underthe SEBI Act was committed before '2002 Amendment Act' becameoperational and/or before '2014 Amendment Act' becameoperational, and irrespective of the fact whether trial had or hadnot been initiated - SEBI (Amendment) Act, 2002 - SEBI(Amendment) Act, 2014.Amendment causing change of forum of trial - Nature of -Held: Change of 'forum' being procedural, the amendment of the forum' would operate retrospectively, irrespective of whether theoffence allegedly committed by the accused, was committed prior tothe amendment. |
Judge | Honble Mr. Justice Jagdish Singh Khehar |
Neutral Citation | 2017 INSC 778 |
Petitioner | Securities And Exchange Board Of India |
Respondent | Classic Credit Ltd. |
SCR | [2017] 13 S.C.R. 559 |
Judgement Date | 2017-08-21 |
Case Number | 67 |
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