The tribunal has also called for correspondence involving DLF's merchant bankers, auditors and Sebi. The hearing is set to continue on Tuesday.

The regulator had found that it had not made all disclosures to investors at the time of its initial public offer (IPO) in 2007. One KK Sinha said a DLF subsidiary was involved in a land deal in which he was allegedly duped of Rs 34 crore. This complaint was not disclosed, noted the regulator. Sinha had also approached Sebi over the same.

Subsequent to the ban, even mutual funds had initially refused to allow redemption of its existing cash parked with them, citing the Sebi order, which barred dealing in securities of any kind. Mutual fund units also technically fall under the definition of securities. This was later allowed after the company brought up the issue during its appeal.

Sinha had asked to be made a party to the case. He said the regulator did not hear him, despite having made the original complaint. The tribunal had turned down his petition. Subsequently he moved the Supreme Court which allowed him to join the appeal.

DLF had raised over Rs 9,000 crore in the IPO. Senior advocate Janak Dwarkadas is representing DLF. Rafique Dada is counsel for Sebi.