Landmark JudgmentSecurities Appellate TribunalSukhraj Kaur Rajbans v. SEBI: can a penalty fall below the statutory minimum?By a 2:1 majority, SAT held that section 15J of the SEBI Act lets an adjudicator reduce a penalty below the statutory minimum in fit cases, over a dissent.Valkya Editorial·1 Jun 2026·8 min