2005 INSC 0364
                                    SUPREME COURT OF INDIA

                                Securities and Exchange Board of India

                                                      Vs.

                                        Mangalore Stock Exchange

                                           C.A.Nos.1685 of 2005

                                  (Arun Kumar and Mrs.Ruma Pal JJ.)

                                                 01.04.2005

                                                   ORDER

1. The respondent caveator is present. The appeal is admitted. Formal service of the notice is
dispensed with.

2. The primary question which has been raised in this appeal is whether the appeal is
maintainable before the Securities Appellate Tribunal under the Securities and Exchange
Board of India Act, 1992 against the order passed by the Board under section 4(4) of the
Securities Contract (Regulation) Act, 1956. It appears that the Tribunal has already passed an
interim order on 20 September 2004. The issue as to the maintainability of the appeal was
raised by the appellant before the Tribunal and noted on 22 November 2004. Despite this, the
Tribunal has passed an order on 20 January 2005, directing the appellant to consider the
application made by the respondent for corporatisation and de-mutualisation de hors the
order passed by the Board under section 4(4) of the Securities Contract (Regulation) Act,
1956.

3. Being aggrieved by the order dated 20 January 2005, this appeal has been preferred. We
are of the view that once the Tribunal had noted that the appeal had been challenged as not
being maintainable - it should dispose of the issue of maintainability first before passing any
further order. In that view of the matter, the impugned order dated 20 January 2005 is stayed
until the Tribunal disposes of the issue of maintainability. The Tribunal is requested to
dispose of the issue as early as is conveniently possible, preferably, within a period of 8
weeks from date.

4. The appeal is, accordingly, disposed of but without any order as to costs.

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