Cabot International Capital Corporation v. SEBI, Appeal No. 36/2000 (Order dated May 04, 2001) - even if a violation (SEBI) is proved, to award a penalty is within the subjective satisfaction of the Adjudicating Officer. See Bombay HC order dated March 3, 2004 in Appeal No. 7/2001 (SEBI v. Cabot...)
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