Summary
The Securities Appellate Tribunal failed to address specific objections to the authority for suspending trading membership and the applicable monetary-penalty formula. Merely describing the punishment as reasonable did not answer those grounds. Its order was set aside and the appeal restored solely for fresh consideration of punishment, leaving the misconduct finding outside the remand.
Issues
- Whether the Tribunal adequately considered objections to suspension and the quantum of the monetary penalty.
Held
- The member had specifically invoked the exchange circular and relevant bye-laws to challenge suspension and the amount imposed. The Tribunal’s general reasonableness conclusion did not decide those arguments. (¶ 9–10)
- Reconsideration was confined to quantum of punishment. The Tribunal could also make an appropriate order concerning the Supreme Court-directed deposit and was not to reject consideration on technicalities concerning withdrawal of another appeal. (¶ 11–12)
Result
Appeal allowed without costs. Tribunal order set aside and appeal restored for expeditious fresh determination only of punishment, including appropriate treatment of the deposit; pending applications disposed of.