Securities Appellate Tribunal
Stephanotis Finance Ltd. vs BSE Limited & Another on 5 October 2026
IN THE SECURITIES APPELLATE TRIBUNAL AT
MUMBAI
DATED THIS THE 05TH DAY OF OCTOBER, 2026
CORAM : Justice P. S. Dinesh Kumar, Presiding Officer Ms. Meera Swarup, Technical Member Dr. Dheeraj Bhatnagar, Technical Member
Appeal No. 280 of 2026
And
Misc. Application No. 640 of 2026
Between
Stephanotis Finance Limited
3rd, Ground Floor, Durga Chambers,
Veena Industrial Estate,
Off Veera Desai Road,
Andheri (West), Mumbai – 400 053.
…. Appellant
By Mr. Shreyash V. Chaturvedi, Advocate with Mr. Sanjay Chaturvedi, Mr. Ratnesh Dube, Mr. Dhruv Bhinde, Advocates for the Appellant.
And
1. BSE Limited
Floor 25, P. J. Towers,
Dalal Street, Mumbai - 400 001.
2. Securities and Exchange Board of India SEBI Bhavan, Plot No. C-4A, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051.
…. Respondents
By Mr. Sagar Divekar, Advocate with Mr. Abhimanyu Mhapankar, Ms.
Saumya
Mishra,
Advocates
for
the
Respondent No. 1 - BSE Limited.
Mr. Ishan Agrawal, Advocate with Ms. Rasika Ghate, Mr. Kush Khandelwal, Mr. Ashutosh Mishra, Ms. Asmita Pandey, Mr.
Prakshal
Jain,
Advocates
i/b
Nyaayam
Associates for the Respondent No. 2 - SEBI.
THIS APPEAL IS FILED UNDER SECTION 23L OF SCRA, 1956 TO SET ASIDE ORDER DATED FEBRUARY 26, 2026 (EX-A) PASSED BY BSE LIMITED.
THIS APPEAL COMING ON FOR HEARING THIS 05TH
DAY OF OCTOBER 2026, THIS TRIBUNAL PASSED THE
FOLLOWING:
Citations and Judicial Treatment
Cited by
0
Decisions in the index citing it
Cites
0
Decisions referred to
In this index
0
Of the decisions it cites
Overruled / Questioned
0
No negative treatment found
Loading the citing and cited decisions…
This judgment in the centre: on the left the decisions it cites, on the right the decisions citing it. Colour is the treatment; choose a decision to open it.
O R D E R
Per : Justice P. S. Dinesh Kumar, Presiding Officer (Oral)
This appeal is directed against order dated 26.02.2026, passed by the Delisting Committee, BSE Limited. There is a delay of 80 days in filing this appeal.
2. We have heard Mr. Shreyash V. Chaturvedi, learned Advocate for the appellant, Mr. Sagar Divekar, learned Advocate for the respondent No. 1 – BSE and Mr. Ishan Agrawal, learned Advocate for the respondent No. 2 – SEBI.
3. For the reasons stated therein, the application for condonation of delay is allowed. Delay of 80 days in filing this appeal is condoned and Misc. Application No. 640 of 2026 is disposed of.
4. This is a delisting matter. Mr. Sagar Divekar, learned Advocate for the BSE submitted that if the appellant desires to comply with the non-compliances within a fixed time, this Tribunal may consider granting a self-operating order.
5. Learned Advocate for the appellant submitted that appellant has received the list of non-compliances and the SOP fines. He sought eight weeks to do all the compliances.
6. The appeal is disposed of by placing the submission of the learned Advocate for the appellant on record. All pending interlocutory application(s), if any, stand disposed of.
No costs.
Justice P. S. Dinesh Kumar Presiding Officer
Ms. Meera Swarup Technical Member
Dr. Dheeraj Bhatnagar Technical Member 05.10.2026 VPM
MRS PRAMILA Digitally signed by MRS PRAMILA Date: 2026.10.08 15:04:19 +05'30'