Arun Panchariya vs SEBI on 7 October 2026

O R D E R

Per : Justice P. S. Dinesh Kumar, Presiding Officer (Oral)

This appeal is directed against order dated 22.10.2021, passed by the WTM1, SEBI2 directing the appellant to disgorge a sum of ₹23.06 Crore jointly and severally with other noticees, restraining the appellant from accessing the Indian securities market; and restraining him from holding any position as a Director or KMP3 in any listed public company or a public company intending to raise money from the public or any SEBI registered intermediary for a period of 10 years.

2. We have heard Mr. Sandeep Wadhawan, learned Advocate for the appellant and Mr. Sumit Rai, learned Advocate for the respondent-SEBI.

3. Mr. Sandeep Wadhawan, learned Advocate for the appellant submitted that the subject matter of this appeal is covered by this Tribunal’s order4 on disgorgement in Appeal No.21 of 2023. He further submitted that the order impugned in this appeal has been set aside by this Tribunal’s order in Appeal No.250 of 20225 qua certain noticees.

1 Whole Time Member 2 Securities and Exchange Board of India 3 Key Managerial Personnel 4 Arun Panchariya v. AO, SEBI, disposed of on 15.10.2025 by the Securities Appellate Tribunal, Mumbai 5 Aspire Emerging Fund v. SEBI, disposed of on 27.09.2023, by the Securities Appellate Tribunal, Mumbai.

4. He submitted that only aspect which remains for consideration in this appeal is, the direction debarring the appellant from accessing the securities market and accepting/ holding any position as a KMP or a Director. He submitted that this Tribunal in Appeal No.542 of 2022 and connected cases, heard simultaneously has recorded appellant’s undertaking that he shall not access the securities market in India nor hold any position as a Director or a KMP in any listed company and disposed of those appeals.

5. Mr. Sumit Rai, learned Advocate for the respondent- SEBI does not dispute the fact that SEBI’s direction to disgorge a sum of Rs.23.06 Crores jointly and severally by Arun Panchariya, Vintage FZE, Highblue Sky Emerging Market Fund and Aspire Emerging Fund has been set aside by this Tribunal in Appeal No.250 of 2022 qua certain noticees including appellant and therefore, the only point which remains for consideration is appellant’s debarment.

6. We may record that in a similar case, except for the direction for disgorgement, in Appeal No.542 of 2022, we have accepted Arun Panchariya’s undertaking that he shall not access the Indian securities market and also not accept any position as a KMP or a Director in any listed company in India and disposed of those appeals. Arun Panchariya appeared through video conference, admitted the contents of the affidavit dated 19.03.2025 and undertook to abide by them. He was duly identified by his advocate Mr. Sandeep Wadhawan. The undertaking contained in the affidavit reads as follows :-

“5. That be that as it may, without prejudice to the rights and contentions of the appellant in the above said appeals against the debarment and restraint orders, the appellant categorically undertakes that he shall not access the Indian Securities Market; shall not buy or sell or otherwise deal in any securities related to the Indian Securities Market and shall not hold any position as a Director or Key Managerial personnel in any listed company of Republic of India or intermediatory registered with the SEBI during the period of the above said orders.

6. That the above said undertaking of the appellant is only restricted to the Indian Securities Market and shall not have any effect on the Overseas Securities Markets of other countries.”

7. In view of the above, this appeal is disposed of by recording the above undertaking of Arun Panchariya reserving liberty to the SEBI to approach this Tribunal in the event of any breach of the undertaking. Pending interlocutory application(s), if any, stand disposed of.

No costs.

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: 2026.10.13 16:19:57 +05'30'