Broking firm Mukesh Babu Securities, on Monday, moved the Supreme Court challenging Sebi’s decision that restrained it from operating in the capital market for allegedly indulging in unfair trade practices.

Sebi had denied granting of certificate of registration as a participant of National Securities Depository Ltd on the ground that the firm had indulged in synchronised trading on behalf of big bull Ketan Parekh, accused in the 2001 stock market scam, and its entities while dealing in the shares of Global Trust Bank (GTB) in 1999.

A SC bench headed by Justice S H Kapadia, on Monday, adjourned the matter for three weeks.

MBS challenged Securities Appellate Tribunal’s judgement that dismissed its petition on the ground that it was not a “fit and proper person” under the regulations to operate as a market intermediary.

According to MBS, the tribunal erred in dismissing its petition and said it amounted to punishing it for violations of law which was not in existence on the date when irregularities are alleged to have been committed. MBS said the tribunal should have appreciated that in five transactions pertaining to GTB shares, it had acted on instructions of sub brokers.