Securities Appellate Tribunal
subhash chandra vs Securities and Exchange Board of India on 9 October 2026
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date : 09.10.2026
Appeal No. 338 of 2026
Subhash Chandra
…Appellants
Versus
Securities and Exchange Board of India
…Respondent
Mr.
Abishek
Venkataraman
with
Mr.
Vishwajit
Deb,
Mr. Abhiraj Arora and Mr. Piyush Kaushal, Advocates i/b Saraf and Partners for the Appellant.
Mr. Chetan Kapadia, Senior Advocate with Mr. Mihir Mody, Mr.
Vijay
Chockalingam, Mr.
Aavish
Shetty,
Mr. Sudhanshuman Naruka and Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
ORDER:
Admit.
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2. Respondent is granted six weeks to file a reply and three weeks thereafter to the appellant to file rejoinder.
3. Mr. Abhishek Venkatraman, learned Advocate for the appellant submitted that appellant undertakes to deposit 50% of the penalty within four weeks as condition for grant of stay of recovery.
4. Mr. Chetan Kapadia, learned Senior Advocate for the respondent submitted that appellant is facing insolvency proceedings, therefore, liberty may be reserved to recover the balance amount in the event appellant fails in this case. His submission is fair and accepted. Ordered accordingly.
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5. The recovery proceedings shall remain stayed subject to deposit of 50% of the penalty amount within four weeks from today. The said amount shall be kept in an interest bearing account.
6. Mr. Abhishek Venkatraman, learned Advocate for the appellant does not press for stay against debarment at this stage with liberty to mention if need arises.
7. Call on 21.01.2027.
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: 2026.10.12 14:03:32 +05'30'
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