SEBI v. Shriram Mutual Fund
(2006) 5 SCC 361 · Supreme Court of India
SEBI penalties are civil and deterrent; mens rea is not a condition of imposing a monetary penalty.
Unit I · Law of Investments and Securities
Investigation, civil penalty and appeals
Study aid only. Confirm statute numbers with the current bare Act and the official OU LL.B. (3-YDC) 2024–25 syllabus PDF.
Statute sections
| Act / instrument | Section | Name |
|---|---|---|
| Securities and Exchange Board of India Act, 1992 | 11C | Investigation |
| Securities and Exchange Board of India Act, 1992 | 15A–15HB | Penalties for failure and market defaults |
| Securities and Exchange Board of India Act, 1992 | 15T | Appeal to the Securities Appellate Tribunal |
| Securities and Exchange Board of India Act, 1992 | 24 | Offences |
Landmark cases
Mrs. Githanjali v. SEBI
SAT / SEBI penalty line · Securities Appellate Tribunal
An appellate forum will not interfere with a reasoned SEBI penalty where the charge of market default is proved on record.