The Securities and Exchange Board of India and its Adjudicating Officers mainly deal with civil/regulatory matters like penalties, directions and disgorgement. However, the SEBI Act, 1992, Securities Contracts (Regulation) Act, 1956 and Depositories Act, 1996 also contain offences punishable with imprisonment. Such criminal offences cannot be decided by SEBI itself and therefore are tried by Special Courts. Since these courts can award criminal punishment, they are deemed to be Courts of Session.

Answer given by Shubhamm Sir at 09-May-2026 12:58 PM