The division bench comprising justice A Agarwal and justice SS Parkar heard both the sides over a marathon period of almost six hours and reserved its order till Saturday. The earlier stay granted by the court continues to be in force.

Senior counsel for the petitioner KK Singhvi contended that Sebi had not followed the necessary procedures and hence its order was against the principles of natural justice and amounted to depriving the petitioner of his fundamental right to livelihood. He stated that by debarring the broker from further trading Sebi was in effect suspending him even though it was not saying so in as many words. This was being done without giving the broker an opportunity to present his case.