Securities Appellate Tribunal
PRRSAAR SAMPADA PRIVATE LIMITED vs Securities and Exchange Board of India 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. 331 of 2026
And
Misc. Application No. 972 of 2026
Between
M/s Prrsaar Sampada Private Limited
17A/35, Second Floor,
West Punjabi Bagh,
New Rohtak Road,
New Delhi- 110 026.
…. Appellant
By Mr. Mukesh M. Goel, Advocate i/b RGLAWZ Advocates and Consultants for the Appellant.
And
Securities and Exchange Board of India
SEBI Bhavan, Plot No. C-4A, G Block,
Bandra Kurla Complex, Bandra (East),
Mumbai - 400 051.
…. Respondent
By Mr. Chetan Kapadia, Advocate with Ms. Nidhi Singh, Ms. Komal Shah, Mr. Arav Doss, Ms. Sanjana Kumari, Advocates i/b Vidhii Partners for the Respondent.
With
Appeal No. 332 of 2026
And
Misc. Application No. 971 of 2026
Between
M/s Chaubara Eats Pvt. Ltd.
44A, Manohar Park, Rohtak Road,
Punjabi Bagh, New Delhi- 110 026.
…. Appellant
By Mr. Mukesh M. Goel, Advocate i/b RGLAWZ Advocates and Consultants for the Appellant.
And
Securities and Exchange Board of India
SEBI Bhavan, Plot No. C-4A, G Block,
Bandra Kurla Complex, Bandra (East),
Mumbai - 400 051.
…. Respondent
By Mr. Chetan Kapadia, Advocate with Ms. Nidhi Singh, Ms. Komal Shah, Mr. Arav Doss, Ms. Sanjana Kumari, Advocates i/b Vidhii Partners for the Respondent.
THESE APPEALS ARE FILED UNDER SECTION 23L OF
SCRA,
TO
SET
ASIDE
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ORDER
DATED SEPTEMBER 16, 2026 (EX-A) PASSED BY WTM, SEBI.
THESE APPEALS COMING ON FOR HEARING THIS 05TH DAY OF OCTOBER 2026, THIS TRIBUNAL PASSED THE FOLLOWING:
O R D E R
Per : Justice P. S. Dinesh Kumar, Presiding Officer (Oral)
These appeals are directed against the interim order- cum-show cause notice dated September 16, 2026.
2. Learned advocate for the appellants submitted that the appellants have been debarred from carrying on proprietary trades on the allegation that they have indulged in cross segment market manipulation.
3. He submitted that in Table 4 in paragraph No.34 of the impugned order the alleged unlawful gain made by the appellants is shown as Rs.11.37 Crores. He submitted that appellants undertake to deposit 50% of the said amount without prejudice to their rights and contentions and this Tribunal may permit the appellants to file their replies before SEBI and participate in the adjudication proceedings.
4. Mr. Chetan Kapadia, learned Senior Advocate for the SEBI adverting to Table 48 in paragraph No.221 of the impugned order submitted that the unlawful gain is Rs.28.12 Crores. He submitted that SEBI has restrained the appellants from trading in their proprietary demat accounts. He submitted that the impugned order contains all the details of trades and sought to justify that the unlawful gain is Rs.28.12 Crores.
5. We have considered rival contentions and perused the records.
6. Admitted position is, appellants have challenged the interim order passed by SEBI freezing the demat and bank accounts till the sum of Rs.28.12 Crores is deposited in a bank with a lien marked in favour of SEBI. The investigation is in progress.
7. The Appellants are stock brokers and under the regulatory control of SEBI. The investigation may take some time. The appellants have offered to deposit 50% of Rs. 11.37 Crores mentioned in Table 4, paragraph No. 34 of the impugned order, whereas the amount impounded by SEBI Rs. 28.12 Crores.
8. Since the investigation is in progress, it is not possible to record a definite finding with regard to the amount sought to be impounded. Admittedly, appellants have offered to deposit 50% of Rs. 11.37 Crores. In these facts, without expressing any opinion on merits, in our view, ends of justice would be met by directing the appellants to cumulatively deposit Rs.10 Crores in a bank with lien marked in favour of SEBI.
9. Appellants shall be permitted to sell his securities and operate the bank accounts for the purpose of making the deposit.
10. The appeals stand disposed of. 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 15:02:17 +05'30'