Krishna Ghag vs SEBI on 6 October 2026

IN THE SECURITIES APPELLATE TRIBUNAL

AT MUMBAI

Date: 06.10.2026

Appeal No. 727 of 2022

Krishna Ghag

…Appellant

Versus

Securities and Exchange Board of India

…Respondent

Mr. Kuber Dewan, Advocate with Ms. Neeharika Aggarwal, and Mr. Kaustubh Srivastava, Advocates for the Appellant.

Ms. Nidhi Singh, Advocate with Ms. Komal Shah, Mr. Arav Doss and Ms. Sanjana Kumari, Advocates i/b Vidhii Partners for the Respondent.

WITH

Appeal No. 728 of 2022

Dilip Bhatia

…Appellant

Versus

Securities and Exchange Board of India

…Respondent

i/b RHP Partners for the Appellant.

Ms. Nidhi Singh, Advocate with Ms. Komal Shah, Mr. Arav Doss and Ms. Sanjana Kumari, Advocates i/b Vidhii Partners for the Respondent.

WITH

Appeal No. 778 of 2022

IL & FS Transportation Networks limited

…Appellant

Versus

Securities and Exchange Board of India

…Respondent

2

Mr. Animesh Bisht, Advocate with Mr. Karan Sangani, Mr. Niket Mehta and Mr. Varun Udhwani, Advocates i/b Cyril Amarchand Mangaldas for the Appellant.

Ms. Nidhi Singh, Advocate with Ms. Komal Shah, Mr. Arav Doss and Ms. Sanjana Kumari, Advocates i/b Vidhii Partners for the Respondent.

AND

Appeal No. 892 of 2022

Ramchand Karunakaran

…Appellant

Versus

Securities and Exchange Board of India

…Respondent

Mr. Abishek Venkataraman, i/b Satiya Legal for the Appellant.

Ms. Nidhi Singh, Advocate with Ms. Komal Shah, Mr. Arav Doss and Ms. Sanjana Kumari, Advocates i/b Vidhii Partners for the Respondent.