Anil Saxena vs SEBI on 7 October 2026

BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI

Date : 07.10.2026

Appeal No. 699 of 2022 And Misc. Application No. 1710 of 2022

Anil Saxena ….. Appellant

Versus

Securities & Exchange Board of India … Respondent

Mr. P. N. Modi, Senior Advocate with Mrs. Kalpana R. Desai, Mr. NPS Chawla, Mr. Sujoy Datta, Mr. Surekh Kant Baxy, Ms. Mahima Shekhawat, Advocates i/b Aekom Legal for the Appellant.

Mr. Mihir Mody, Advocate with Mr. Aavish Shetty, Mr. Vijay Chockalingam, Mr. Vignesh Narayanan, Mr. Sudhanshuman, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.

With Appeal No. 808 of 2022 And

Sunil Godhwani ….. Appellant

Versus

Securities & Exchange Board of India … Respondent

Ms. Naiana Boraste, Advocate i/b India Law Alliance for the Appellant.

Mr. Mihir Mody, Advocate with Mr. Aavish Shetty, Mr. Vijay Chockalingam, Mr. Vignesh Narayanan, Mr. Sudhanshuman, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.

With Appeal No. 65 of 2023

Mr. Bipin Kabra ….. Appellant

Versus

Securities and Exchange Board of India … Respondent

Ms. Rinku Valanju, Advocate i/b. R. V. Legal for the Appellant.

Mr. Mihir Mody, Advocate with Mr. Aavish Shetty, Mr. Vijay Chockalingam, Mr. Vignesh Narayanan, Mr. Sudhanshuman, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.

With Appeal No. 66 of 2023 And Misc. Application No. 134 of 2025 And Misc. Application No. 422 of 2025

Mr. Rashi Dhir ….. Appellant

Versus

Securities and Exchange Board of India … Respondent

Mr. Rishabh Sharma, Advocate for the Appellant.

Mr. Mihir Mody, Advocate with Mr. Aavish Shetty, Mr. Vijay Chockalingam, Mr. Vignesh Narayanan, Mr. Sudhanshuman, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.

With Appeal No. 67 of 2023

Nalin Nayyar ….. Appellant

Versus

Securities and Exchange Board of India … Respondent

Mr. Alabh Lal, Advocate with Mr. Manan Parekh, Advocate i/b. Bharucha & Partners for the Appellant.

Mr. Mihir Mody, Advocate with Mr. Aavish Shetty, Mr. Vijay Chockalingam, Mr. Vignesh Narayanan, Mr. Sudhanshuman, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.

With Appeal No. 68 of 2023

Rama Krishna Shetty ….. Appellant

Versus

Securities and Exchange Board of India … Respondent

Mr. Achint Singh Gyani, Advocate with Mr. Amit Aggarwal, Advocate for the Appellant.

Mr. Mihir Mody, Advocate with Mr. Aavish Shetty, Mr. Vijay Chockalingam, Mr. Vignesh Narayanan, Mr. Sudhanshuman, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.

With Appeal No. 69 of 2023

Sunil Kumar Garg ….. Appellant

Versus

Securities and Exchange Board of India … Respondent

Mr. NPS Chawla, Advocate with Mr. Sujoy Datta, Mr. Surekh Kant Baxy, Ms. Mahima Shekhawat, Advocates i/b Aekom Legal for the Appellant.

Mr. Mihir Mody, Advocate with Mr. Aavish Shetty, Mr. Vijay Chockalingam, Mr. Vignesh Narayanan, Mr. Sudhanshuman, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.

With Appeal No. 70 of 2023

Spinstar Finvest Pvt. Ltd. ….. Appellant

Versus

Securities and Exchange Board of India … Respondent

Mr. Mihir Mody, Advocate with Mr. Aavish Shetty, Mr. Vijay Chockalingam, Mr. Vignesh Narayanan, Mr. Sudhanshuman, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.

With Appeal No. 71 of 2023

Yashodham Merchants Pvt. Ltd. ….. Appellant

Versus

Securities and Exchange Board of India … Respondent

Mr. Mihir Mody, Advocate with Mr. Aavish Shetty, Mr. Vijay Chockalingam, Mr. Vignesh Narayanan, Mr. Sudhanshuman, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.

With Appeal No. 72 of 2023

Kalyan Vyapaar Pvt. Ltd. ….. Appellant

Versus

Securities and Exchange Board of India … Respondent

Mr. Mihir Mody, Advocate with Mr. Aavish Shetty, Mr. Vijay Chockalingam, Mr. Vignesh Narayanan, Mr. Sudhanshuman, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.

With Appeal No. 73 of 2023

Symphony Merchants Pvt. Ltd. ….. Appellant

Versus

Securities and Exchange Board of India … Respondent

Mr. Mihir Mody, Advocate with Mr. Aavish Shetty, Mr. Vijay Chockalingam, Mr. Vignesh Narayanan, Mr. Sudhanshuman, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.

With Appeal No. 74 of 2023

TCK Finance & Leasing Pvt. Ltd. ….. Appellant

Versus

Securities and Exchange Board of India … Respondent

Mr. Mihir Mody, Advocate with Mr. Aavish Shetty, Mr. Vijay Chockalingam, Mr. Vignesh Narayanan, Mr. Sudhanshuman, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.

With Appeal No. 75 of 2023

Mr. Maninder Singh ….. Appellant

Versus

Securities and Exchange Board of India … Respondent

Mr. Arvind Lakhawat, Advocate i/b Mr. Debopriyo Moulik, Advocate for the Appellant.

Mr. Mihir Mody, Advocate with Mr. Aavish Shetty, Mr. Vijay Chockalingam, Mr. Vignesh Narayanan, Mr. Sudhanshuman, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.

With Appeal No. 101 of 2023 And Misc. Application No. 98 of 2023

Mr. Daljit Singh ….. Appellant

Versus

Securities and Exchange Board of India … Respondent

Mr. Sandeep Parekh, Advocate with Mr. Anil Choudhary, Mr. Parker Karia, Ms. Rashmi Birmole, Advocates i/b Finsec Law Advisors for the Appellant.

Mr. Mihir Mody, Advocate with Mr. Aavish Shetty, Mr. Vijay Chockalingam, Mr. Vignesh Narayanan, Mr. Sudhanshuman, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.

With Appeal No. 172 of 2023 And

Decent Financial Services Pvt. Ltd. ….. Appellant

Versus

Securities and Exchange Board of India … Respondent

Ms. Minal Pawar, Advocate for the Appellant.

Mr. Mihir Mody, Advocate with Mr. Aavish Shetty, Mr. Vijay Chockalingam, Mr. Vignesh Narayanan, Mr. Sudhanshuman, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.

With Appeal No. 173 of 2023

VSB Investment Pvt. Ltd. ….. Appellant

Versus

Securities and Exchange Board of India … Respondent

Ms. Minal Pawar, Advocate for the Appellant.

Mr. Mihir Mody, Advocate with Mr. Aavish Shetty, Mr. Vijay Chockalingam, Mr. Vignesh Narayanan, Mr. Sudhanshuman, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.

With Appeal No. 174 of 2023

Nishu Finlease Pvt. Ltd. ….. Appellant

Versus

Securities and Exchange Board of India … Respondent

Ms. Minal Pawar, Advocate for the Appellant.

Mr. Mihir Mody, Advocate with Mr. Aavish Shetty, Mr. Vijay Chockalingam, Mr. Vignesh Narayanan, Mr. Sudhanshuman, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.

With Appeal No. 175 of 2023

Hemant Dhingra ….. Appellant

Versus

Securities and Exchange Board of India … Respondent

Ms. Supriya Nair, Advocate with Ms. Akshaya Bhansali,

Mr. Mihir Mody, Advocate with Mr. Aavish Shetty, Mr. Vijay Chockalingam, Mr. Vignesh Narayanan, Mr. Sudhanshuman, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.

With Appeal No. 176 of 2023

Avinash Chander Mahajan ….. Appellant

Versus

Securities and Exchange Board of India … Respondent

Mr. Kunal Katariya, Advocate with Ms. Ashmita Goradia Mr. Sahebrao Wamanrao Buktare, Advocates and Mr. Shardul Shah, CA i/b Shah & Ramaiya Chartered Accountants for the Appellant.

Mr. Mihir Mody, Advocate with Mr. Aavish Shetty, Mr. Vijay Chockalingam, Mr. Vignesh Narayanan, Mr. Sudhanshuman, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.

With Appeal No. 177 of 2023

Neelanchal Holdings Pvt. Ltd. ….. Appellant

Versus

Securities and Exchange Board of India … Respondent

Mr. Vikas Bengani, Advocate for the Appellant.

Mr. Mihir Mody, Advocate with Mr. Aavish Shetty, Mr. Vijay Chockalingam, Mr. Vignesh Narayanan, Mr. Sudhanshuman, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.

With Appeal No. 178 of 2023

A & A Capital Services Pvt. Ltd. ….. Appellant

Versus

Securities and Exchange Board of India … Respondent

Mr. Vikas Bengani, Advocate for the Appellant.

Mr. Mihir Mody, Advocate with Mr. Aavish Shetty, Mr. Vijay Chockalingam, Mr. Vignesh Narayanan, Mr. Sudhanshuman, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.

With Appeal No. 200 of 2023

Nikhill Holdings Pvt. Ltd. ….. Appellant

Versus

Securities and Exchange Board of India … Respondent

Mr. Vikas Bengani, Advocate for the Appellant.

Mr. Mihir Mody, Advocate with Mr. Aavish Shetty, Mr. Vijay Chockalingam, Mr. Vignesh Narayanan, Mr. Sudhanshuman, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.

With Appeal No. 213 of 2023

Platinum Infrastructure Pvt. Ltd. ….. Appellant

Versus

Securities and Exchange Board of India … Respondent

Mr. Vinay Chauhan, Advocate with Mr. Kevin Johnson, Advocate i/b Bathiya Legal for the Appellant.

Mr. Mihir Mody, Advocate with Mr. Aavish Shetty, Mr. Vijay Chockalingam, Mr. Vignesh Narayanan, Mr. Sudhanshuman, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.

With Appeal No. 214 of 2023

Best Healthcare Pvt. Ltd. ….. Appellant

Versus

Securities and Exchange Board of India … Respondent

Ms. Akshaya Bhansali, Advocate with Ms. Supriya Nair,

Mr. Mihir Mody, Advocate with Mr. Aavish Shetty, Mr. Vijay Chockalingam, Mr. Vignesh Narayanan, Mr. Sudhanshuman, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.

With Appeal No. 361 of 2023

Fern Healthcare Pvt. Ltd. ….. Appellant

Versus

Securities and Exchange Board of India … Respondent

Ms. Akshaya Bhansali, Advocate with Ms. Supriya Nair, Advocate i/b. Mindspright Legal for the Appellant.

Mr. Mihir Mody, Advocate with Mr. Aavish Shetty, Mr. Vijay Chockalingam, Mr. Vignesh Narayanan, Mr. Sudhanshuman, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.

With Appeal No. 362 of 2023 And

Modland Wears Pvt. Ltd. ….. Appellant

Versus

Securities and Exchange Board of India … Respondent

Ms. Akshaya Bhansali, Advocate with Ms. Supriya Nair, Advocate i/b. Mindspright Legal for the Appellant.

Mr. Mihir Mody, Advocate with Mr. Aavish Shetty, Mr. Vijay Chockalingam, Mr. Vignesh Narayanan, Mr. Sudhanshuman, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.

With Appeal No. 427 of 2023

Kavi Arora ….. Appellant

Versus

Securities & Exchange Board of India … Respondent

Ms. Rubina Khan, Advocate with Mr. Ankit Bhatia, Mr. Sajjad Siddiqui, Advocates i/b Fortis India Law for the Appellant.

Mr. Mihir Mody, Advocate with Mr. Aavish Shetty, Mr. Vijay Chockalingam, Mr. Vignesh Narayanan, Mr. Sudhanshuman, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.

With Appeal No. 685 of 2023

Mr. Harpal Singh ….. Appellant

Versus

Securities and Exchange Board of India … Respondent

Mr. Pramod G. Kathane, Advocate for the Appellant.

Mr. Mihir Mody, Advocate with Mr. Aavish Shetty, Mr. Vijay Chockalingam, Mr. Vignesh Narayanan, Mr. Sudhanshuman, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.

ORDER :

1. By consent, call on November 19, 2026.

Justice P. S. Dinesh Kumar Presiding Officer

Ms. Meera Swarup Technical Member

Dr. Dheeraj Bhatnagar Technical Member 07.10.2026 PTM

MRS PRAMILA Digitally signed by MRS PRAMILA Date: 2026.10.08 15:34:47 +05'30'