In Brief
This case concerns the retrospective application of amendments to the Securities and Exchange Board of India (SEBI) Act regarding the forum of trial for criminal offences. The Supreme Court held that amendments changing the trial forum from Metropolitan Magistrate to Court of Session (2002 Amendment) and subsequently to Special Courts (2014 Amendment) apply retrospectively to all offences, including those committed before the amendments and pending matters. The Court concluded that procedural changes regarding forum are presumed retrospective; accused persons have no vested right to a particular forum; and clear statutory language divesting inferior courts of jurisdiction indicates legislative intent for retrospective application. The judgment affirmed the Delhi High Court's view and reversed the Bombay High Court's contrary decision.
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