Shruti P. Dhonde[i] INTRODUCTION The Supreme Court (‘SC’) in the case of Prakash Gupta v. SEBI (‘Prakash Gupta case’) held that the consent of SEBI is not necessary for compounding of offences by the Securities Appellate Tribunal (‘SAT’) and courts under Section (‘Sec.’) 24-A of the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’). This article firstly, summarises the jurisprudence in which compounding is founded, as discussed by the SC in the Prakash Gupta case,