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Stock broker can't produce additional evidence to prove identity of its client without prior approval of Tribunal

December 12, 2019[2020] 113 467 (SAT - Mumbai)

COMPANY LAW: Where Adjudicating Authority imposed penalty on appellant-stock-broker, for violation of provisions of regulations 3 and 4 of 2003 Regulations as it failed to carry out due diligence in registration of its client, in view of fact that appellate sought to file additional evidence such as PAN Card, KYC etc. obtained from client without obtaining leave of Tribunal in consonance with provisions of Order 41 Rule 27 of Code of Civil Procedure, 1908 such documents could not be entertained and, therefore, impugned order passed by Adjudicating Authority was to be upheld

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