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Amendment Changing Forum Of Trial Can Take Retrospective Effect To Affect Pending Proceedings

In Securities and Exchange Board of India vs Classic Credit Ltd., the Supreme Court In a case relating to Securities and Exchange Board of India Act 1992(SEBI Act), the Supreme Court held that amendment causing change of forum of trial is procedural in nature and not substantive, and takes retrospective effect, affecting even the pending proceedings. The issue revolved around the 2002 amendment brought to Sec.26 of the SEBI Act, which dealt with the forum for trial of SEBI offences. Before the amendment, it was stated that no court inferior to that of a Metropolitan Magistrate or Judicial Magistrate of First Class should try the offences under the Act. After the amendment of 2002, it was stated that the offences should be tried by a Court of Sessions.

Article referred: http://www.livelaw.in/amendment-changing-forum-trial-can-take-retrospective-effect-affect-pending-proceedings-sc-read-judgment/

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