Case Law Analysis
|Securities Appellate Tribunal
SEBI Adjudication Rules Rule 7(a) | Personal Service of SCN Mandatory; Alternative Modes Invalid Without Prior Attempt : SAT
The Securities Appellate Tribunal has ruled that SEBI cannot impose penalties without personally serving the show cause notice, invalidating reliance on email or postal alternatives when direct service is feasible. This sets a binding precedent for all SEBI adjudications, ensuring procedural fairness and protecting regulated entities from ex parte penalties based on defective notice.