Prime Capital Market Limited vs SEBI on 9 October 2026

BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI

Date : 09.10.2026

Appeal No. 232 of 2023

Prime Capital Market Limited …Appellant

Versus

Securities and Exchange Board of India …Respondent

Mr. Saurabh Bachhawat, Advocate i/b Mr. Prabhu Velar, Advocate for the Appellant.

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

WITH Appeal No. 122 of 2023

JMD Sounds Ltd. …Appellant

Versus

Securities and Exchange Board of India …Respondent

Mr. Naman Choudhary and Mr. Ramesh Gogawat, Advocates for the Appellant.

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

WITH Appeal No. 123 of 2023

Unisys Software and Holding Industries Ltd. …Appellant

Versus

Securities and Exchange Board of India …Respondent

Mr. Naman Choudhary and Mr. Ramesh Gogawat, Advocates for the Appellant.

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

WITH Appeal No. 124 of 2023 Madhav Vinyas …Appellant

Versus

Securities and Exchange Board of India …Respondent

Mr. Naman Choudhary and Mr. Ramesh Gogawat, Advocates for the Appellant.

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

WITH Appeal No. 230 of 2023

Warner Multimedia Limited …Appellant

Versus

Securities and Exchange Board of India …Respondent

Mr. Saurabh Bachhawat, Advocate i/b Mr. Prabhu Velar, Advocate for the Appellant.

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

WITH Appeal No. 231 of 2023

Nirnidhi Consultant Private Limited …Appellant

Versus

Securities and Exchange Board of India …Respondent

Mr. Saurabh Bachhawat, Advocate i/b Mr. Prabhu Velar, Advocate for the Appellant.

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

WITH Appeal No. 233 of 2023

Natraj Vinimay Limited …Appellant

Versus

Securities and Exchange Board of India …Respondent

Mr. Saurabh Bachhawat, Advocate i/b Mr. Prabhu Velar, Advocate for the Appellant.

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

WITH Appeal No. 234 of 2023

Matrix Systel Private Limited …Appellant

Versus

Securities and Exchange Board of India …Respondent

Mr. Saurabh Bachhawat, Advocate i/b Mr. Prabhu Velar, Advocate for the Appellant.

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

WITH Appeal No. 235 of 2023

Vibhuti Multi Trade Private Limited …Appellant

Versus

Securities and Exchange Board of India …Respondent

Mr. Saurabh Bachhawat, Advocate i/b Mr. Prabhu Velar, Advocate for the Appellant.

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

WITH Appeal No. 236 of 2023

Blazer Venture Private Limited …Appellant

Versus

Securities and Exchange Board of India …Respondent

Mr. Saurabh Bachhawat, Advocate i/b Mr. Prabhu Velar, Advocate for the Appellant.

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

WITH Appeal No. 237 of 2023

Rigmadirappa Investments Private Limited …Appellant

Versus

Securities and Exchange Board of India …Respondent

Mr. Saurabh Bachhawat, Advocate i/b Mr. Prabhu Velar, Advocate for the Appellant.

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

WITH Appeal No. 238 of 2023

Ranisati Distributors Private Limited …Appellant

Versus

Securities and Exchange Board of India …Respondent

Mr. Saurabh Bachhawat, Advocate i/b Mr. Prabhu Velar, Advocate for the Appellant.

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

WITH Appeal No. 259 of 2023

Saurabh Family Trust …Appellant

Versus

Securities and Exchange Board of India …Respondent

Mr. Saurabh Bachhawat, Advocate i/b Profess Law Associates for the Appellant.

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

WITH Appeal No. 260 of 2023

Madhav Trust …Appellant

Versus

Securities and Exchange Board of India …Respondent

Mr. Saurabh Bachhawat, Advocate i/b Profess Law Associates for the Appellant.

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

WITH Appeal No. 261 of 2023

Priyanka Trust …Appellant

Versus

Securities and Exchange Board of India …Respondent

Mr. Saurabh Bachhawat, Advocate i/b Profess Law Associates for the Appellant.

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

WITH Appeal No. 262 of 2023

Adarsh Trust …Appellant

Versus

Securities and Exchange Board of India …Respondent

Mr. Saurabh Bachhawat, Advocate i/b Profess Law Associates for the Appellant.

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

WITH Appeal No. 263 of 2023 Renuka Trust …Appellant

Versus

Securities and Exchange Board of India …Respondent

Mr. Saurabh Bachhawat, Advocate i/b Profess Law Associates for the Appellant.

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

WITH Appeal No. 294 of 2023

JMD Ventures Ltd. …Appellant

Versus

Securities and Exchange Board of India …Respondent

Mr. Shantibhushan Nirmal, Advocate i/b Profess Law Associates for the Appellant.

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

AND Appeal No. 295 of 2023 [Along with Misc. Application No. 425 of 2023]

Kailash Prasad Purohit & Ors. …Appellants

Versus

Securities and Exchange Board of India …Respondent

Mr. Shantibhushan Nirmal, Advocate i/b Profess Law Associates for the Appellant.

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

ORDER:

Learned Advocate for the appellant seeks time.

2. Call on 18.11.2026.

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 14:00:10 +05'30'