India, June 6 -- More than a decade after SEBI imposed a Rs.5 lakh penalty linked to alleged irregularities in trading of shares, a special SEBI court on Thursday convicted market participant Jigar Praful Ghoghari for failing to pay the amount despite being granted additional time by the Securities Appellate Tribunal (SAT). The court held that the offence was complete when Ghoghari defaulted on the payment and that his eventual deposit of the amount in April this year did not wipe out the criminal liability.

Special Judge R M Jadhav sentenced him to one month's simple imprisonment and imposed a fine of Rs.5 lakh.

The case originated from a September 23, 2014 adjudication order through which a SEBI officer imposed a Rs.5 lakh penalty on ...