Zarir Rumi Patel vs NSEIL on 6 October 2026

IN THE SECURITIES APPELLATE TRIBUNAL AT MUMBAI Date: 06.10.2026

Appeal No. 326 of 2024 [Along with Misc. Application No. 465 of 2024]

Zarir Rumi Patel

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant. Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai and Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associate for the Respondent.

WITH Appeal No. 327 of 2024 [Along with Misc. Application Nos. 468 of 2024]

Ashish Ravindra Rao

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant.

WITH Appeal No. 353 of 2024 [Along with Misc. Application Nos. 398, 399 and 400 of

Pradeep Advani

…Appellant

Versus

National Stock Exchange of India Limited …Respondent

Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant.

WITH Appeal No. 405 of 2024

Herman Diogo D’Souza

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant.

WITH Appeal No. 406 of 2024 [Along with Misc. Application No. 257 of 2024]

Ishan Anand Madiwale

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant.

Mr. Vishal Jathar, Advocate i/b Parinam Law Associates for the Respondent.

WITH Appeal No. 407 of 2024

Sarbari Khan

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant.

WITH Appeal No. 408 of 2024 [Along with Misc. Application No. 300 of 2024]

Ajithkumar Vasukutta Panicker

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant.

Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai and Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associate for the Respondent.

WITH Appeal No. 409 of 2024

Priyadarshni Lobo

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant.

WITH Appeal No. 410 of 2024

Amit Nikam

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant.

WITH Appeal No. 411 of 2024

Jose Madan

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant. Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai and Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associate for the Respondent.

WITH Appeal No. 412 of 2024 [Along with Misc. Application No. 371 of 2024]

Yasmin Desai

…Appellant

Versus

National Stock Exchange of India Limited …Respondent

Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant. Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai and Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associate for the Respondent.

WITH Appeal No. 413 of 2024

Lourdes Fernandes

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant.

WITH Appeal No. 414 of 2024 [Along with Misc. Application No. 379 of 2024]

Nikhil Fernandes

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant.

WITH Appeal No. 446 of 2024 [Along with Misc. Application Nos. 601 and 765 of 2024]

Yogesh Kumar Sharma

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant. Mr. Vishal Jathar, Advocate i/b Parinam Law Associates for the Respondent.

WITH Appeal No. 450 of 2024 [Along with Misc. Application Nos. 660 and 661 of 2024]

Dominic Lawrence Silverira

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant. Mr. Vishal Jathar, Advocate i/b Parinam Law Associates for the Respondent.

WITH Appeal No. 451 of 2024

Ulrica Dias

…Appellant

Versus

National Stock Exchange of India Limited …Respondent

Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant. Mr. Vishal Jathar, Advocate i/b Parinam Law Associates for the Respondent.

WITH Appeal No. 452 of 2024 [Along with Misc. Application Nos. 664 and 665 of 2024]

Wilson Marcus Guiherme Mascarenhas

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant. Mr. Vishal Jathar, Advocate i/b Parinam Law Associates for the Respondent.

WITH Appeal No. 471 of 2024

Jigna Bimal Mistry

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant. Mr. Rashid Boatwalla, Advocate with Mr. Pranav Kethineni, Advocate i/b Manilal Kher Ambalal & Co. for the Respondent.

WITH Appeal No. 489 of 2024 [Along with Misc. Application No. 396 of 2024]

Jesly John

…Appellant

Versus

National Stock Exchange of India Limited …Respondent

Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant. Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai and Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associate for the Respondent.

WITH Appeal No. 490 of 2024

Narayan Naikare

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant.

WITH Appeal No. 491 of 2024

Ranjit Merces Sousa

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant. Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai and Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associate for the Respondent.

WITH Appeal No. 492 of 2024 [Along with Misc. Application No. 552 of 2024]

Ayitha Swarnamba

…Appellant

Versus

National Stock Exchange of India Limited …Respondent

Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant. Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai and Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associate for the Respondent.

WITH Appeal No. 501 of 2024 [Along with Misc. Application No. 815 of 2024]

Arati Harikumar

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant.

WITH Appeal No. 515 of 2024 [Along with Misc. Application Nos. 868 and 869 of 2024]

Kriti Garg

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant.

Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai and Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associate for the Respondent.

WITH Appeal No. 516 of 2024 [Along with Misc. Application Nos. 872 and 873 of 2024]

Parikshit Govind Lalwani

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant.

WITH Appeal No. 555 of 2024 [Along with Misc. Application Nos. 987 and 988 of 2024]

Maria Fatima D’silva Gracias

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant.

WITH Appeal No. 628 of 2024 [Along with Misc. Application Nos. 1079 and 1080 of 2024]

Rajrishi Girish Dave

…Appellant

Versus

National Stock Exchange of India Limited …Respondent

Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant.

WITH Appeal No. 655 of 2024 [Along with Misc. Application Nos. 1077 and 1078 of 2024]

Rahul Katariya

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant.

WITH Appeal No. 667 of 2024 [Along with Misc. Application Nos. 1153 & 1154 of 2024]

Antony Kndukulangara Devassy

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant.

WITH Appeal No. 64 of 2025 [Along with Misc. Application Nos. 1360 & 1361 of 2024]

Sujata A Sequeira

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant.

Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai and Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associate for the Respondent.

WITH Appeal No. 65 of 2025 [Along with Misc. Application Nos. 1362 & 1363 of 2024]

Chitra Fernando

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant.

Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai and Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associate for the Respondent.

WITH Appeal No. 66 of 2025 [Along with Misc. Application Nos. 1364 & 1365 of 2024]

Hirak Bhattacharjee

…Appellant

Versus

National Stock Exchange of India Limited …Respondent

Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant. Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai and Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associate for the Respondent.

WITH Appeal No. 67 of 2025 [Along with Misc. Application No. 1366 of 2024]

Meenakshi Vijay Petkar

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant. Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai and Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associate for the Respondent.

WITH Appeal No. 68 of 2025 [Along with Misc. Application Nos. 1376 & 1377 of 2024]

Amish Bankar

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant. Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai and Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associate for the Respondent.

WITH Appeal No. 69 of 2025 [Along with Misc. Application Nos. 1378 & 1379 of 2024]

Clinton Philip Crasto

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant. Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai and Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associate for the Respondent.

WITH Appeal No. 75 of 2025

Santosh Narayanan Nair

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant. Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai and Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associate for the Respondent.

WITH Appeal No. 76 of 2025

Jolly Rodrigues

…Appellant

Versus

National Stock Exchange of India Limited …Respondent

Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant.

Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai and Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associate for the Respondent.

WITH Appeal No. 77 of 2025

Jayanta Guha

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant.

Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai and Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associate for the Respondent.

WITH Appeal No. 78 of 2025

Anil Maruti Bhogate

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant. Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai and Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associate for the Respondent.

WITH Appeal No. 79 of 2025

John Mathew

…Appellant

Versus

National Stock Exchange of India Limited …Respondent

Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant. Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai and Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associate for the Respondent.

WITH Appeal No. 80 of 2025

Rukaiya Rafeedhen Sultan

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant. Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai and Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associate for the Respondent.

WITH Appeal No. 87 of 2025 Falguni H. Lahar

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant. Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai and Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associate for the Respondent.

WITH Appeal No. 90 of 2025

S. Veerachamy

…Appellant

Versus

National Stock Exchange of India Limited …Respondent

Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant. Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai and Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associate for the Respondent.

WITH Appeal No. 91 of 2025 [Along with Misc. Application Nos. 70 and 71 of 2025]

Louis Gonsalves

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant. Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai and Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associate for the Respondent.

WITH Appeal No. 92 of 2025

Walter Benard Gomes

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant. Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai and Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associate for the Respondent.

WITH Appeal No. 151 of 2025 [Along with Misc. Application No. 411 of 2026]

Manoj Madhav Datir

…Appellant

Versus

National Stock Exchange of India Limited …Respondent

Mr. Sandesh R. Shukla, Advocate with Ms. Anasamah Sayed, Advocate i/b Mr. Mithun Khaire, Advocate for the Appellant.

Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai and Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associate for the Respondent.

WITH Appeal No. 404 of 2025

Prasad R. Sankhe

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant.

Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai and Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associate for the Respondent.

AND Appeal No. 407 of 2025 [Along with Misc. Application Nos. 1010 and 1011 of 2025]

Sunanda Dandekar

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Saurabh Bachawat, Advocate with FCA Kamal Agrawal for the Appellant. Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai and Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associate for the Respondent.

ORDER:

Heard. Order reserved.

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 13:20:06 +05'30'