The Competition & Commercial Law Review

[Sneha Rath is a 3rd-year student at National Law University Odisha] B. RAKING THROUGH SAT’s RULING IN THE PAWAN KUMAR CASE: IN SEARCH FOR REASONABLENESS In this part, the author’s concern is restricted to the issuance of disgorgement as a sanction in terms of equitable remedy by the SAT in situations where companies or individuals have violated the SEBI orders and rules to cause wrongful loss to investors and/or wrongful gain for themselves from off-market transactions. Th

[Sneha Rath is a 3rd-year student at National Law University Odisha] Introduction Section 11B of the Securities and Exchange Board of India Act, 1992 ("SEBI Act") empowers the Board to issue directions to and impose a penalty upon any person or class of persons covered under Section 12, or companies in matters covered under Section 11A, and to disgorge an amount that may have been either wrongly gained or loss averted, in the interest of the investors in securities and the s