6.4 Prosecution and Defense

The investigation (SEBON's craft): the market surveillance's referrals, the complaints-and- informants, the trading-and-account records' examination (the broker's-and-bank's trails), the search-and-seizure powers, the witness examinations. The case's route: the administrative penalty proceedings (the notice-hearing-order discipline) and the prosecution (the case filed in the Special Court's-and-the courts' jurisdiction per the regime's classification — the CIAA's parallel world where the public actors are involved, the Yubraj Sharma case's cluster, Unit 7's list). Thedefences: the absence of intent (the manipulation's accident — the liquidity-provision's innocent face against the spoofing's charge), the legitimate trading purposes (the hedging, the market- making), the information's truth, the procedural challenges (the evidence's legality, the jurisdiction's scope, the limitation), and the proportionality's arguments on the sanctions.