Securities Appellate Tribunal
Urja Shah vs SEBI on 6 October 2026
IN THE SECURITIES APPELLATE TRIBUNAL
AT MUMBAI
Date: 06.10.2026
Appeal No. 143 of 2026
[Along with Misc. Application No. 764 of 2026]
Urja Shah
…Appellant
Versus
Securities and Exchange Board of India
…Respondent
Mr. Sameer Pandit, Advocate with Mr. Chintan Pasad, Advocate i/b. Wadia Ghandy and Co. for the Appellant.
Mr. Pradeep Sancheti, Senior Advocate with Mr. Ravishekhar Pandey and Mr. Ankit Ujjwal, Advocates i/b Agama Law Associates for the Respondent.
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ORDER:
Order on Misc. Application No. 764 of 2026.
Mr. Sameer Pandit, learned advocate for the applicant submitted that by the impugned order only two directions have been issued by the SEBI. Firstly, a direction to pay penalty and secondly, not to access the securities market.
2. Based on the submissions of the learned advocates, on 08.05.2026 we had passed an interim order in like terms as in Appeal No. 120 of 2026. Learned advocate for the appellant submitted that appellant has deposited full penalty, however, the SEBI has blocked her mutual fund accounts, which in substance, denies the benefit of the stay order.
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3. Mr. Pradeep Sancheti, learned Senior Advocate for the respondent submitted that in the event this Tribunal considers applicant’s prayer in paragraph 14(a) of the application, applicant may be directed to intimate the trades that applicant may undertake to the SEBI.
4. Admittedly, remaining period of debarment is only four months and appellant has deposited full penalty. Hence, the order dated 08.05.2026 is modified and appellant is permitted to access the securities market. She shall intimate her transactions to the SEBI till the completion of remaining debarment period of four months. The SEBI shall forthwith defreeze appellant’s mutual fund accounts.
5. The Misc. Application No. 764 of 2026 stand disposed of. Order on Appeal No. 143 of 2026.
Call on November 16, 2026.
Justice P. S. Dinesh Kumar Presiding Officer
Ms. Meera Swarup Technical Member
Dr. Dheeraj Bhatnagar Technical Member 06.10.2026 PK
PRERNA MANISH KHARE Digitally signed by PRERNA MANISH KHARE Date: 2026.10.08 12:28:16 +05'30'