Securities Appellate Tribunal
navneet kumar sureka & Another vs Securities and Exchange Board of India on 9 October 2026
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date : 09.10.2026
Appeal No. 334 of 2026
[Along with Misc. Application Nos. 992 & 957 of 2026]
Navneet Kumar Sureka & Anr.
…Appellants
Versus
Securities and Exchange Board of India
…Respondent
Mr. Pesi Modi, Senior Advocate with Ms. Kalpana Desai, Mr.
Khushil Shah
and
Mr.
Sumit
Kochar,
Advocates
i/b Khushil Shah, Advocate for the Appellant.
Mr. Chetan Kapadia, Senior Advocate with Ms. Nidhi Singh, Ms. Nidhi Fagania, Ms. Komal Shah, Ms. Sanjana Kumari and Mr. Arav Doss, Advocates i/b Vidhii Partners for the Respondent – SEBI.
ORDER:
For the reasons stated therein, the application for condonation of delay is allowed. Delay of 18 days is condoned. The Misc. Application No. 957 of 2026 is disposed of.
2. Admit.
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3. The application for exemption is allowed. Misc. Application No. 992 of 2026 is disposed of.
4. Respondent is granted six weeks to file reply and three weeks thereafter to the appellant to file rejoinder.
2
5. There shall be stay of recovery subject to deposit of 50% of the penalty amount and disgorgement of 50% cumulatively by the MVL Group.
6. As prayed by the Mr. P.N. Modi, learned Senior Advocate for the appellant, we clarify that if 50% of Rs. 18.68 Crore, sought to be disgorged is paid by any one individually or jointly in the MVL Group, it shall inure to the benefit of all in the group. The appellants shall be permitted to access their bank accounts including the fixed deposits and the demat accounts for the purpose of making the deposit.
7. Call on 12.01.2027.
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 13:58:49 +05'30'
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