SECURITIES AND EXCHANGE BOARD OF INDIA
Vs.
RAM KISHORI GUPTA AND ANOTHER
( Before : Sanjay Kumar and K.V. Viswanathan, JJ. )
Civil Appeal No. 7941 of 2019 with Civil Appeal Nos. 1649-1652 of 2022 and Civil Appeal No..........of 2025 (@ Diary No. 42829 OF 2019)
Decided on : 07-04-2025
Res Judicata / Constructive Res Judicata — Applicability to SEBI Proceedings — The principles of res judicata and constructive res judicata, based on public policy ensuring finality, apply to proceedings before the Securities and Exchange Board of India (SEBI) and its Whole-Time Members (WTMs) — SEBI cannot pass multiple final orders imposing penalties on the same cause of action against the same parties based on the same show-cause notice, particularly after an earlier order (imposing debarment) has attained finality and been fully acted upon — Reopening the matter years later to impose additional penalties (like disgorgement) without just cause is impermissible.
