MR. NILESH SHAH & ORS. versus SECURITIES AND EXCHANGE BOARD OF INDIA & ANR.

Case summary from SCR

Issue for Consideration Whether, in the facts and circumstances, there could be any breach or violation of SEBI (Mutual Funds) Regulations, 1996 where, as contended by the appellants: (i) the actions complained about did not result in any loss or harm to the investing public; of the Appellants resulted in gain to the investors; (iii) all three sets of Appellants acted bona fide in the interest of investors and did not make any monetary benefit or gain; (iv) had the Appellants taken steps as postulated by SEBI, there would have been a substantial monetary loss and harm