This document contains the full judgment from the High Court of Kerala concerning a writ petition filed by BRD Securities Limited against the Union of India and SEBI. The case revolves around the delegation of quasi-judicial functions by SEBI and whether such delegation is permissible under the SEBI Act. It is a crucial read for legal professionals, especially those dealing with securities law and regulatory powers. The judgment details arguments presented by both sides and the court's final decision on the matter.