DR RASHMI SALUJA vs SECURITIES AND EXCHANGE BOARD OF INDIA on 9 October 2026

ORDER:

For the reasons stated therein, the application for condonation of delay is allowed. Delay of 53 days is condoned. Misc. Application No. 789 of 2026 is disposed of.

2. Admit.

3. Respondent is granted six weeks to file a reply and three weeks thereafter to the appellant to file rejoinder.

4. So far as stay of recovery of disgorgement amount is concerned Mr. P.N. Modi, learned Senior Advocate for the appellant submitted that the appellant is in financial difficulties. She has invested the proceeds of sale of shares of Religare Enterprises Ltd. to acquire shares of Care Health Insurance Limited under the ESOP scheme, which is subject matter in Appeal No. 3 of 2024 pending before this Tribunal. Mr. Modi made available a copy of the order dated 27.09.2024 wherein we directed to maintain status quo with regard to the said shares.

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5. Mr. Gaurav Joshi, learned Senior Advocate for the respondent submitted that investing in Care Health Insurance Limited cannot be a ground to impose lenient conditions for grant of stay. He also submitted that no financial records have been brought on record to support the contention that the appellant is in financial difficulty.

6. Having heard the learned Advocate for the appellant, in our view, in the facts of this case, there shall be stay of recovery of penalty subject to deposit of 50% and stay of disgorgement amount subject to deposit of 25% within 4 weeks from today with the SEBI. The said amount shall be kept in an interest bearing account.

7. Call on 07.01.2027.

Justice P.S. Dinesh Kumar

Presiding Officer

Ms. Meera Swarup Technical Member

Dr. Dheeraj Bhatnagar Technical Member 09.10.2026 msb MADHUKAR BHALBAR Digitally signed by MADHUKAR BHALBAR Date: 2026.10.13 10:39:06 +05'30'