India, Dec. 25 -- The Delhi High Court recently observed that the Securities and Exchange Board of India (SEBI) could not have withheld its investigation report from an accused. Justice Neena Bansal Krishna set aside a trial court order refusing disclosure of the investigation report sought by Siddharth Shankar, an accused in a criminal complaint filed by SEBI. "It is evident that the Investigation Report prepared under Regulation 9, is the basis on which the Board decides whether there is a violation and proceeds under Order 10, to take further action in terms of Regulations 11 and 12. It is a document which is relevant and essential for the Petitioner, to prepare their defence and to have a fair hearing," the Court said.

SEBI had filed...