Adjudication at SEBI (Securities and Exchange Board of India) refers to the legal process by which SEBI, as a regulatory authority, investigates and resolves cases related to violations of securities laws, regulations, a

Securities and Exchange Board of India (SEBI) under Section 11C of SEBI Act, 1992: In cases where the Securities and Exchange Board of India (SEBI) has reasonable ground to believe that- the transactions in securities of a company are being dealt with in a manner detrimental to the investors or the securities market; or any intermediary or any person associated with the securities market has violated any of the provisions under SEBI laws, or the rules or the regulations made or directions issued by the Board thereunder, the Board may, at any time by order in writing, direct any person specified in the order to investigate the affairs of such intermediary or persons associated with the securities market and to report thereon to the Board. Further, the Investigation authority may call for original or certified copies of the all the books, registers, other documents and record of, or relating to, the company or, as the case may be; and keep in its custody for six months. The investigation authority may examine on oath, any manager, managing director, officer and other employee of any intermediary or any person associated with securities market in any manner, in relation to the affairs of his business and may administer an oath accordingly and for that purpose may require any of those persons to appear before it personally. In case, where any person fails without reasonable cause or refuses for such action shall be punishable with imprisonment for a term which may extend to one year, or with fine, which may extend to one crore rupees, or with both, and also with a further fine which may extend to five lakh rupees for every day after the first during which the failure or refusal continues. Further, the Investigating Authority may make an application to the Judicial Magistrate of the first class having jurisdiction for an order for the seizure of such books, registers, other documents and record. After considering the application and hearing the Investigating Authority, if necessary, the Magistrate may, by order, authorise the Investigating Authority- to enter, with such assistance, as may be required, the place or places where such books, registers, other documents and record are kept; to search that place or those places in the manner specified in the order; and to seize books, registers, other documents and record, it considers necessary for the purposes of the investigation: However, the Magistrate or Judge of the Designated Court should not authorize seizure of books, registers, other documents and record, of any listed public company or a public company (not being the intermediaries specified under section 12) which intends to get its securities listed on any recognized stock exchange unless such company indulges in insider trading or market manipulation. Yes. I agree. Adjudication at SEBI is crucial for making market integrity and protecting investors' interests by ensuring that all market participants adhere to the regulatory framework.