In Brief
This Supreme Court case consolidated multiple proceedings challenging the retrospective application of amendments to the SEBI Act that shifted the forum for trying SEBI offences. The Court held that the 2002 Amendment Act (changing forum from Magistrate to Court of Session) and 2014 Amendment Act (changing forum to Special Court) apply retrospectively to all pending proceedings, regardless of when offences were committed or when trials began. The Court ruled that change of forum is procedural and presumed retrospective; an accused has no vested right to a particular forum; and the express language of the amended provisions divests lower courts of jurisdiction. The Court affirmed the Delhi High Court's judgment and set aside the Bombay High Court's contrary order, holding all SEBI trials must now be conducted by Special Courts.
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