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

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