erent no 1200 AK Agama opto Seurtiennd change Boadot cia Respondent seseanance one forthe Apa ast ep Adie 3) orth Rependent topes sing outotne ce aes 3.11 2000 madey he Chean Secute an xchange ed fa) ons ny conta matt estee pu nstuton or post yes om he cate he cet. ‘Te opel wa ice Preset ofthe can ang he alo 198899. He eke 5 eset fhe scare ih tect 1121969 gh ene 3 Vie tee a 036 Peso one sicnanga th appar se sled nies nce even whth wat pontine wth ha te! poston he shang sehange Nemes Seana mee oe esardem conducts an ape eth exchange og Spt 69 need Cath gules, Based oe cg the adapt, Aopen se Show CEE Nowe selng evanten eas sso grencesmatie apart ln Hart Eatd en hewn el oe Show Case Hotees and he rl snore made an te coe the ‘ronal esate harman one esronen ones hat The ppl ha exceadng i toy = Vie reset te charge rtererng aarg andaneilace sen f he han ‘The Apel fe winery ston sat tetws meets of xchange wc lege Deere member sbmting ke tues ceases ‘he Apa wales ct oss mestng which ns enaFe yh enor WM a vw To AST e cee of he mesh oc Gecon mating n 3 mater of conserte Ingorarce tote xchange ‘Te opel gottec0ngtemnaot oer Dott acted / ACNE UATE leer Me sues eed AMES Of MEINE AK Aguas gt sou eestion nthe anpeencyntnegiy ofthe tem This a le ened an ade publi prep whch ham othe cane fh sors the ‘rare Hes et vewe at‘ her ate ofr RX. Apa ae eS sues ef EDR) ae CBD aN cnet Ns bey foun be noe of a Rea ee MEER {nee Peso oineciearge”Gaeeon ne sas on to charmen oes nthntee of semy mas cntzese snr prometng ranepeny ance merry nthe nog ‘ecaptal mae in xi ponte wide scoe and TB fe SED et 1982, ed wth Secutios Comers Glan) 21958, Appel wena te oie Peet he ‘range Hews aromacenegaletolsan pub pation fre seer oe Governg andr ae ue of exchange awl ay epee pu at ntact the espndents py tthe appeal the nba th appennas psted ering 1432000 Te Apel donde ie ete dated 29 200 cee of 14.290) oo forest Tuna tesa ete tat Pe Nd eee Eves eae! ad a9 ERC! aa ae WS Ne Tate 1 ae The RemeeeaWe ete RES HNN emisono subs surassen mrtg Theres was alowed The Respondent Med heer we SUIMSON ‘Te Aone hs eet at te cage ev gant te Resear Accord the APE the Oe ee ep alco of WE ae Okan atc mag was SHY rim wenn as vee reser on 198 nthe absence of Present na Eecvne Dec meee te owes covered on NM meas 12) he Aree ot ABS oF HE [tang and hc ice ne wae nud to ever te uncon ef te exchange inne ea tee Te eds ae wot 184190 Acorn on fe edema ed wen he arya lege ashe ayo the Enc er obi 1 the oer he opel equa ane tice Of the Aes of asain of the xan hat he Eee Det neu rn are as a Vee De oR he Ee AANA eve ewe M ete OMe MN am Tre Opeton re ACN. 35 geome Reporcen _wanreerere tte aepson nat he nos ad akc tte acon ga St DK Gita ard SK Gi we soe got Mendip oie eENge BW ae Artes he ‘ape: as steht cto ce ne aan aan We renes er Wa ofthe cercatedngral es Hes cede cageh eobitetemeetrge wneh ems Was COME bc cucussn by apg awa out ef te meeting Has obs ben Seal he Ustad igh Cut ve soe dated 256200 ha eed Te acai Nom aking ae aga ‘it menters nda ou # wan nol one fr hints aay acon agent tem hha Ber alge th he Asad igh Cou rer as cons om im Acorn tte Apel 3a ctr exc eer fe SreTing Eos aR OU oe een Xt oF 175200 a ey Mes RUT by eens rade te SEB nore m he meen teen Te Ne “sues oir fe mening ne asses anim ae oar whet tte mbes oleh eee te ater wenn oy Haha edhe chen haha re he ints fe board mang Tom whieh bead waecow ‘ Anpelant hi io dane semant ne dace ana esaton ote sangeet We RBS Srey Hana ated ht tease Genta ange one cance ne nace acd ang teal The opel Ha oy teed te Genel laaget sa he mista es mabe! wd Wheh De Memb epoloyoed he Ma was 0 use fee ht the meena he rem snare cine fe Dasa Cmte ane Uotd eng adhe ke ain termi as athe suger or one ey According tothe Apelor poner gine the Respondent un saions an 18 the Sete and xchnge Ro fin Ac, 1982 the At ois eon ft te purse of guning ‘ne ecu mane ar ope! eee of he Mest dot 1 fess Mao eS ete ef UNE Aon gah he Ce Deas fe sex ehange, ae MOUS ‘te asa e058 power Deen asain. The Apel hs eges ht bee passing he mpage oer no asenetleopaTunty Wes EN 0B 1 expla Ns ens. He hs So Siesta rts asin inher age ee ga sce rns asain eee ene ‘netnpnes err war edo 3 1 2009 nsich ay £035 ects rl err etg een 251209. wh ave onl Pen on he Ap, eee ete oe 25:11 2000 The epetat as ae at rg ene ead dre ABEWOTY Hr TOBnET Re UTA aN TS Se Accor the Appa te movers eee wl ote te FOr of he Comeane Act a UC aE the Ot femoral ofa Deca eco ht of he share hls ude Econ 2 rea wi secon 190 te Coates ACTH cab eC ny Be sate Ne, gas aM Coe pans er ws corse the 36 Sees an Pt brteing sete ay aed ay Dat such ight camo be cra ye espncen. Aco tee Apel eimpugted ote stv acs he aw gh oe shah “att ging tem right thang nd wl in contr fo tes he ptr of Capris At arin seeing cas athe Mount net embodies tee hg the suckers he Bre remove ny such over ofr cama. Fue ha ee Fa a te eACRNgE abe BEd C8 ee ONAN oF AMC 115 Of eas ARGON er HE exrange aod ey vig ay ive ade by Oe Resende "Th Apne sta natn proceso he Heenan hang ee 1910200 ae al ans oan vote sr as 26.5200 te Alsons on Cut net petin Mo 2bdd of 2000 Secor ohm even Ue stom case oe dred 153.2000 es a De ees te 2 lat ay ors of eA ye a usu 2 he a Show cause notes was eau Khas been td conteing Ween Tee etcSHp Oe exchige was eat Hg Te Abela The ou oe! We Ned He Appel oe ad anetoord tht Secoing oh eno ted onion aw tat the SEI Corts hate no fue woo ors mh roma i fhe kan ht the Fesante nis ue ae spor enne pew oe et oy senang ne bye teenage sing guineas Th etn payer ee Appsat ne aoe) ‘acest eiethe inoue fe ded 3112000 an (le sei qu of spear in featon a he Peslgessh cou Dec ate easing Weegee 0 31200, ‘Tre hespntet inte wren py sunisbn Naty nd ge nsatene een apsein me oe Accorng ote Responder he apes ener ressontat tas bene bejong te reseibed ine and ati es bcc nuts as er oe Ape es Preset ae ‘Th agent ne unm hate Ape ows Ne sng he te ot is Preset one eenange Na ise ee are 451989 regan eSleaon ot ok ot sg peatons andar that edo aubory Hsu sh an ce ce Deng Vie Peer ae at ato wha he Present ete Bec Daca etapa am ace ny 3 Ga ee he at of su of esa fie eae The Respntee has sae ht Pa sued eal eu To ce ence lig et Lo Soa vere ceatnart tanya eit te neon fhe uestcs ato we tha he Goin oul of ccexhager Jt rs tne ats fanart awa he sine cenimere Aeon ne Pesonsnts hsm cain tere ese ht he seve Deca wt ewan eae epene rte paper ans ingen neg tte suvellencedepatner hat despte sch ce WaDucors we Aapele nal aes a Ue sane sue the flex eon 451859 meting wh he ctor oe Svelance Incite eacenge Te fact mat ou acne was aay ug ee yea ee Ps ar aca Owe upg ne mate he ogee Aco Ne espuno atic Dette eee t arable thang see empower he ice Predet a trar ewntr h Penet 2 am ties ep fr sa 2 3 "hsopeaainte nance inseam ote sponser nema se he Prec ay tom ee eypaaiors day 809 nhappened the iin ese nn ‘eansof te Respandets cua neat een he Melee of theeachange cu ot ae sue shan fhe eh We sb te aay fe Pee sue such nce ‘ae sen acing af aye Prngent cat ss suc an ae The espana theresa Waugh he Agel as edt MS ao Nas see eating at he ‘tang befor nat ertnes How the sae are hoped to mp farconng th echarge ego tated ath pean rasrezen ha the Enctie Da i ee to mn oan teense aes eh seen os ot carey 69 30 sant mas goad ying Asan toe Resanet the sHeton one oper conduc win etaencea eae of excess een "mseence te Aopen ans eiteg 9 aig ston sist 2 manos OK Gt and RFR Sao) scoung manos othe xennge By bmg Toes eaten ‘ees, he Pesponde es sae hat hugh Ue Aen hd emt othe Cathe, EB a he WoUC ae ete tps at eH ay Dek aed Bao ceed ‘Stasen wating ot ose ee el en 1752000 mh eno ap he Covey Bering up ne ate onsen an he do seed hema fe Sod Meeting NE eqn mes ao 255700) hecrng ote Soren te kp: tocar he arf heen eres ica foe wert aaa te ey anne tas been tes atin meetng neler 25200 wen was chareé ye Aer. me shen of ULC SEB reeset ete Secon of Re Bowe ae 6101987 cone ‘alg te equtenet of miinum eucend quafcaten of said We ete, a hs Rs ates the ae ofthe Aap ney ase we BOS east whan Sous ‘hrges wer pening esaetoon sectors the espe he cra a espe eve! he sl ne Meri eal seg ose MenDeNO fe EE aL fatocertestere arenas mate at laze toate ary ain ape the i to mores tae ene uarion of apt onthe ptf he Ia ‘Aer nesupmssions mote ye spends he Sopa na kee he Gent Mange Re excerge oak een pans Us RBS Sasa e menos oft exchange ab ng ‘he Aplin: neue te Gurr Mena neds eared he ing teil he ere Subzquey the tema wa etd op tention fhe Appelt The opin ne rset st me rset trang ti ss ene manera nme Con Tye se eee urate meseince he Apel ne snc ee scbueescTne oxen ch was one ees eect Be uvelance epee tee esse te Respond ‘Te Respondent nos sites at Secures Contat (Began Act (CRA) hes AMD ener 0 SEBI 0 BEC SockeEngE To MaKe ev, te. Te Leck Rage goeing BOARS aE Iegued lowe psn of CR Ae Rs Beas ade thee, oon EBA ane deces cf 3a wh ge te eet of ecules mae. TOV ‘he amperes teed ae ee te spelen cara othe esncnder. eater oe Bese abe WE eee io We Sela AYEMEN aa Eee aed 255200 oF ‘lsh igh outa Net Peton Ho 2602015 espana hatte ht te xadrdern nay estan te spon om parang hmpugied det aaa the Sent vn etence one oper content oar ne cope fects 1 Bee Ate espana Ns sate Ha SEBIVS Ra Sees Ls. 958) SCL) eason erence Sart high Cout ha aly onlaned the ech dep of te scion i a he imputed actin fel win the prvi fhe sel soccer. The Baronet ha aa ade ‘ooteraten mde Oye Bontay Hen Coat aah Rota SEB (195905) CLA 243) a te sects “engower te owe fe arco fF te puDee of ecm te BEET Ianayener of needy or peor ane eset inte Mess ofthese Scud sees mae Rest aed yt er con wien Oe Dell gh {aut 4 an SE a 1998 Ot Te) ad teat‘! sec 1 oe EBA SEI as power a ene acest ee esl’ nsec 9 ete he ceo tarctorpuatette acura by auch meaner atthe Teper fend rai rent hedged by aryaricne nee the otis of rcte ecaneoed Inatesren aan: nares ne ester sare ne evn née tees mae ister he espe ae teat vn othe erin oe ne ‘ot secuon 1 ad TB mace y vos Fah Curt Oe bud ee Is Wl me pone afc Arto of he Resoniere ad at a mee! te change Ws gy undue lmareunce masantaton and cena ca beeen hae ry ute psn navn ean ees nae yang ces, ‘Tre sespcoden nas ae dre he Aoplan' esn athelugne rewas made oufllong te pcs of aul sela neha wit lie meen by onceang mate ‘eteriog othe pears von ta wx ovens othe Cozies cthae ein aed ‘ne sng he recor te Responder has sae that SCP ae spd lasing sek nants ae Canoes At gta we raf gun of Zeck ecnange sieht en of ny cant teen apa an 33 po the pisos lh pec wl ora tegen (JK Caton Spring Wenn liz Ca Ve Stat fa Pacey A 961 S117 ‘havea concrete sbmisans me te paris inte ings. ‘he esas sgunere et he aoe se ed a Rs hes Bene eS sot ny an a ame Scon ST he ct ay ets agp ty node matey SEB ‘he jaesting Ofer etd ae anya oth nbn hn pte! ey eda arth at of co othe op othe ey te party nena are ir cen Wt te ‘treo 31 20 Wace 0 me Appears ve eepncets ete de 6.1 2000 WHER aang tothe Aopen wae FeeNe FAN on 8112000 Een te appeal 6 TEENS Integy of he ibaa on 212200 wit De pected tine tt of 4ys. Te Resgeaens ea cee ete oe Ape as Pese he xcunge as come edt Decent, 209 te pel as bots sss bstess taps We Fee a aly end ne sce he aged ee Eta be aed Wa jhe Mugs ee Appear na noon reise anguh ofc of rc ft a wa lea mae lige 9 hy pb Potion yet met led pe satan fe 3 od f 2 ea fom oe eof me ore Since es equsteaton sl eomnues Go ret Sear essen ear at he oe Nas Bere LEWOKE Beate ga. Te Prenray oper rabedy the Respondent ata mete veri esa lon penal ene mouanes ae ans he submissions mace he pr, 1 lr st mune tne oe sans oth Aopen cig ene ee Pen ane ‘sucqueray as rece of exange The Pesan as ede stances suppor As ves ah opel hate witout ay ad Nama wiecrang oe eso ashomaglamecctange ena ben sted bythe Aol so at ea sued nee on 461995, elcaog ie waht wad opens ahd main even nthe exchange ih absence theese nde nerve ei when ey wee ay 369 Ne oie. Te Appelt has ses Wa ts fae 120 (ete aces B5s0an he sence the Pree He “rete presets poner aa he Eerste tito real cane he a ret aug in tm cf ce 0, cane Der na read to ait 2 the ‘re was sue wou aur de ett he a ot 5 EWS ae pela aton was ot end re aumery ested hn Hes aso cee Ms an sng te Ot yng thc" ctde! was sed ose unctoing of he eehage Bot preusce ans eat mS. Taels po Uap ou te act a ec ce dated 451859 ao Searng on he uvedance action ested te deparnert of sven cong wn he cue canal ofthe Ecce Decor spanned sea cies sey to eck ‘exrarges eau er 1 eu separ sreince esr 1 car excl te nto fsa ae ace eg Mca ee ate Grey BATS sou hat ME “rent sar nnstons os wing ome sean came ete tetas man seas eons mgs ng suelo arnt eee coy {ona acceso he sme wei ot ee eet to at eae Sina he "aig Gains asp vey iar tom tect engi cf menor Siok ecanges are “etenecban echnomto ee helt tet an the secur One the safeguards the gure of argh ths Seem tne thane args fe aes ‘ntowtsrtoem cause maha mate at woul et NseOUsconceaeee | ene act aye wi subrNeen Mate yee Aga ated Sse ee Et {Tevetew sen ny unen nse ng on onsen he rastants ote to enna the hinconng ete siearse eee ee The Apostate nya fsrisnn 2 wht nae he flere ite fe ning eye sd whet nae igh Way ove ach ce wen he wang ee of te Presi ut fr aye a co ‘owing ry wel tt sreane earnest of ois he Pees poe An acton whe we the pete fhe change et aera ak cat ken 2 pesoh ‘erry oxcnrgna entree pesce. Tare na cotati eae. Ravend Restate the Reponer ew ne ent he BDA Me ow amin the Agpalantslein the cot fan aga! no eters whe ha alge poate meer the change oui ae crates tis eit fo nee ‘nto Pome cages vel apn te stig owes eats tN eat opm an earosty heater Te Apt eon hat sce tate ere ‘nes wer rtranse ce ofien ea et ten the mars Wor ating anensraed Ms CONC Te nd oft Aer ESOP a WAKO MoM EE MesIngTECORTNG Boars don 175200 ane ane te mute he sald eng by in act De ewe gh) he car fhe ve a cone of the Apa he Mae Desai De A HE ‘opel had asad Chama he SEI naesing he on 142200 ht he tee aed ot cesar aon wade sken go te meses ae po ‘season m he mecng of Bor eon 173 2000 care ye tage 3 Wao SOUS WEN 3 ef GDI Seg Bea ag ay aen ee Maer He BTL ‘ee Hewes neo te fe atte case oe sad Manbes cir marathi siege Of oAueng fake cerRCes WAS vy CN ahead espn ad ake the oper ote etn na Sow eng cated bj ha eld on 25 5.2000 whch he eens he Resower noel PD eects wel abe esta Dae ‘etn ne econ the econo the Sorin te mesg it 10557 wer he ened mers fhe Covering Sore had wae eter era een “tiation fhe eed to nes win ae talon tem fo conte wh tse mente cong te ee Peed ghana om the con oe Bopean 36 ‘lanes oy me Reopen remaning vere, he Aopen had ior Te Gowen Bed etwas ot Gesrable fo ree ses Conerng eS Two Mente egy ‘uaeaios ay oud meet ot os fly cree he mezige the Bouse 8101957 an te mesg elon 265200 ehated by hm ne see oe SEI None Diettz ane Pus preserve Deer nas ede tht outer dacizson other fhe aay omens ofthe sa Sw ik Cry nS DK Gupta shu ke lace he rad mewtra 3 te Eane stod cen an CEC Tere ero exanton fom he ADA Nt ene! fae Such a ein ecb Wen feneREteE NOMINEE OEE ‘srseming pismo and se nt ot reer me mastic pb ear a tat poo re thee wat ea eet Mom he gh Cun. see ‘ope et Da te Apalat nar Daring sec aga thesia meets Who wae cig Be Give cue of Hoauchg ake ests poce menbu The Apes ‘leat emeoes then ent vied invent Pendent ol the echarge eas vec opt mathe aeorachat neath antenatal acon ead aegis Coming athe eactraten /retaton of tetany emit of MRS Strata 146 200 ciara the gpa oan vers hats one inh ate of tember ‘roe wT etn argue at Wat dove te Gee Marae ma ee Tec Buk Wa cee he ental Marea he ees oe ADELA SMO ‘ome tecs eters Teac Date action gas emanate he OSCRINAYCOMmee IBS des US) Ow Apes Naveen re Mate Asn tay fe tacts aa crcumsance fe pee cases cst n te NUNES et cant be cae Mae Ase a Pt Ate Deon suo Ps eon WE PX unoszomng otneone ne ns oldng nme exchange near ne aun come to econ a sata 20. et Esbn 3510 Were he espondeN: egal Oe The puede farted une ston ad Bathe et Seton of te At numer he panes an fanctons fhe ae! Sec eke Response etn 6 hee te tector nich he eerie Exchange boa of ai etabioe. Seron 8 nace sre oete asco onetd Sen 7 when antes ee earn ‘pecans neces tes 1B. Save as otherwise provided in section if after making r causing to be made an enquiy, the Board is satisfied that itis necessary = (in the interest of investors, or orderly development of securities market: or (2.2 prevent he feof any teredany or ther perzne refered fi econ V2 beng condcted na manner detimertal to the Interest of investors or securities market (to secure the proper management of any such intermediary or person, it may Issue such directions - (2) toany person or class of persons referred to in section 12, or associated withthe securities market: (any company nrspact of mater pected scton 1A sy be pepe hh erst of vets ec it Ha Com examine ecg of secon an etn 18 ea te Reson ot, eng nae aan te Sale ue dem Aa Stetis CaeeD) ‘hs a ier orien dee he son Sane mesh apes we 979 tar me async heater) fee yer gs ston 9 ote ae rgd Tetaing the money eco sch change a pe the consued Vareactons ude ie paces wl Gein mae Whe egg eviews of the Shgl ude an werlig He “The SEBI Act isan Act of remedial nature and, therefore the present cases could not be compared withthe cases relating tothe fiscal or taxing ‘statutes or other penal Statutes for tve purposes of collection of lev, taxes etc As and wiven new problems arse. the call fr new solutions and ‘the whole context in which the SEB! had to take a decision. on the basis of which Impugned orders were passed, cannot be said inthe to be without authonty of law in the fact of the provisions contained in section and section 178. As the language of section’ 1() itself shows and a¢ ne matters for which the mensres canbe token re provided In Sub-sction() of sation its clerly made et by the pli racing of the Janguage of tne section itself that the SEBI has to protect the interests of the investor in Securities and has to the securities market by ‘Such measures ast things fr and such measures may be for any oll ofthe matters provided in sub-section (2) of section 11 andin the ‘of his duty cast upon the SEBI ae 2 pat of Its statutory function it as been invested withthe powers fo issue directions under section} 1B. @66. Thus, c0 far as the authority of law in the SEBI to issue such directions ls concemed, such authority to take measures as it “hie ts Coat dgoumbleon te bao of te posers cotaned iv secon 1 ead wifoecton 11 Bf the SBT At. We hero therefore consider and interpret the power of SEBI under the provisions so as to see thatthe objects sought to be achieved by Acts fully served, ‘ather than being defeated on the basis of any technicality @@ The duty and function had been entrusted o take such measures as it thinks fit “2nd in order to dlecharge this duty the power Is vested under section 1. @.. The authority has been give under the law to take appropriate ‘measures a5 it thinks ft and that by itself is sufficient to cloth the SEBI with the authority of law’. One nstosew he poner fhe Responds unde he pons ofthe et nthe coe of te es ugh fob achive he At dhe cast on hm aching te =a, Secon ng cecton 18 gve enna hry othe espe ns ea Having vested ith auch ty telegram poner ec ec these Oe of ah ames iste poner anu ete sedan econ Ba he et ‘Gerth cour Krams ace) =n no secon a he EB Ae ne EBha he onefopeereet Ue ecoemecies nO eeepET! 8 ‘epitome arty sth estes ie epoca ar anesthe yy eso Te ope seen Vala aed siaresto sanitary ‘eembay igh coutin aa Str SEI 939) 2 CLA 29 Gon) nna eae Re igh Cou seed hat ‘Section 11B is an enabling provision enacted to empower the SEB! to protect the interest of investors and to promote the development of and to ‘regulate the securities market and to prevent malpractices and manipulations, inter aia by brokers. Such an enabling provision must be ‘consued 60 as to subserve the purpose for hich ts enacted. wou be the ity ofthe court fo farther the legislative obec of providing @ ‘remedy for the mischief. A construction which advances this object should be prefered rather than one which attempts to find a way to. ‘circumvent it Inthe case of RBI v. Peerless General Finance & investment Co. Lid (1996) 20 CLA 196/AIR 1996 SC 646 the Supreme Court has ‘observed as under “it would, thus, ppear thet section 45K(3) is an enabling provision enacted to empower the bank to regulate the conditions on which deposits may be accepted by nor-baking companies or institutions and (the) to prevent mapactices inthe matter of acceptance of such epost. Sich an enabling provision must beso contued ao suber te purpose or whch Ias been enacted ti 2 wal accepted fst canton te the ty af the curt athe Pramanten of rovdg eed rhe Michie pane sich the enactment chected andthe court shoud prefer acontructon which advances tis bjt ‘one which attempts to find some way of circumventing "6. ‘eeun 45 sine sz of eabig pon he man of cost en SE he Ne gps Sta Ne Legend sang Dene en owe HE ne tinety recession 9 do eehing wich sinepenabio forthe puose of anyng thre ve ae Ch on Sauter, P 258) Rabon el th poo ‘ake ste wt eee any ane cares wih ana aha naa poner make ela ec anc wena ent er essin eSB Tapa Stee UP 96 SCFRS39 sop SUTAH/AI SEE Se TOSS. “6. tivo ily established rule that an express grant of statutory power carried with it by necessary implication the authority to use all ‘Teasonable means to make such grant effectiveoo" ‘Therefore in our view the express grant of statutory power confirmed by section 1]B caries the authority to use of reasonable means to make “such power effective” "power ‘itone has regard tothe aforesaid principles, it would follow thatthe power which has been confered by section 118 to issue direction are of @ widest possible amplitude and are exercisable inthe interest of investors and in order to prevent. iter aia, a broker from conducting his business inamanner detrimental othe interests ofthe investors or the securities market. The said power to ssue directions under section 1B must carry ‘mith i by necessary implication, all powers and duties incidental and necessary to make the exercise ofthese powers fuly effective including the ‘power to pass intenm order in ad of the final orders” lnmengntene econ ote vateus High Courts ced above the ataly theese wisi hector of eye mound i we sashes. ‘The Aone covtrton ht by he pon rh se Ree pre i nese rant cast att he gverng Boa he eieange aBeEES THe espns 6 ‘erooneed to dstully «peso tom cen any tiene cages sie hat helene Sicha wsch nthe manage fe sicanie woudl Deh ees TE “xan cams bes a te moughed eet a iis erence nthe Manager ee xa ade eed oe pea The we eed gaat he Apel ‘he pears catenin tate pies stl sce Wee et OWE NS case cay tte at Aco e keh Ra Theme tee Asal WBS sed Show cause ter Hehatrepata the ee Hela made rl zasrerns i reat he pple wae gn scent appar erpianar newport ung third et Fath he Soper coeeton ht ena eed wv sw alone nde enw Cte OCS Wee RCE, es HIN Wa BFE the oCeEONgs eee RESET aN ee ‘te Een ug he Agata aged aie on he pa of he espns De has ot ay wa Suan ed eo. A Wage elie conduct oe sponge ‘tou ry matt susarcitesare nee ecacrtea The Apelsssubmssn ta es hese Fgh Cou ede 168 0, esgoaen to a Reese He ‘posts ere fr ace a tha a or waza etn He by SISba BA Gay = DK. Gaps nz oan thr and et wh eleenee nite gy seceding ies gana Aopelant bye eepodet of te mougred rar ‘Te open crt tat he ezpondert haz pace th argnrng in ih of sacle the acing ntemeat the povsene fhe Campane Acie aco ohne lce Atay stag hempugne eer itates re etn 1 ane Bcf the Ata et BY Wa Teron heonlonsct he CaraMes A COMpSIES ACHE mB, TOMES Ue ‘as tang acto gan he manage oct ft compares volte he psn ae antes. Ting nt conrnin ne teas mans oth ea |r hekna heb wo uses in inttsong th he ened rr The Ne ie ee ones ane mecopealissmissee sensi) Dae 90.20