- (1.) The application for stay in the appeal above-mentioned being called on for hearing before this court on the 7 March 2005. Upon perusing the papers and hearing counsel for the appellant herein, this court cloth order that there shall be stay of the impugned final order dated 19 September 2002 of the Securities Appellate Tribunal at Mumbai in Appeal No. 20 of 2002 [Roopram Sharma v. SEBI, (2002) 6 Comp LJ 407 (SAT)] .
(2.) And this court cloth further order that this order be punctually observed and carried into execution by all concerned.
(3.) Witness the Hon'ble Shri Ramesh Chandra Lahoti, Chief Justice of India, at the Supreme Court, New Delhi, dated this the 7 March 2005. The SEBI has consistently held the view that it has suo moto powers to issue directions in the interests of investors under section 11B of the SEBI Act, and that it had such powers even prior to the introduction of section 11(4) of the SEBI Act with effect from 29.10.2002. The provisions of section 11(4) of the SEBI Act conferring upon SEBI the power to take measures mentioned therein were inserted into the SEBI Act by section 4(d) of the Securities and Exchange Board of India (Amendment) Act, 2002 with effect from 29.10.2002. In this case, the appeal before SAT had arisen out of the order dated 19.2.2002 made by the then Chairman, SEBI-Editor. This order in the hands of Shri Nirmal Kumar, Deputy Registrar (Judicial), Supreme Court of India, is a record of the order pronounced by the court on 7 March 2005 in Interlocutory Application No. 2 (Application for Stay)-Editor ;