Anand Rathi Share and Stock Brokers Limited vs NSEIL on 14 October 2026

BEFORE THE SECURITIES APPELLATE TRIBUNAL

MUMBAI

Date : 14.10.2026

Appeal No. 372 of 2021

And

Misc. Application No. 616 of 2021

Anand Rathi Share & Stock Brokers Ltd.

… Appellant

Versus

National Stock Exchange of India Ltd.

…Respondent

Mr. Kunal Katariya, Advocate i/b Mr. Harsh Kesharia, Advocate for the Appellant.

Mr. Rashid Boatwalla, Advocate with Mr. Pranav Kethineni, Advocate i/b MKA & Co. for the Respondent.

With

Appeal No. 188 of 2023

Ms. SMIFS Ltd.

….. Appellant

Versus

National Stock Exchange of India Ltd.

… Respondent

Advocate i/b SD and Associates for the Appellant.

, Advocate i/b. Parinam Law Associates for the Respondent.

With

Appeal No. 92 of 2024

Rashi Equisearch Pvt. Ltd.

….. Appellant

Versus

BSE Limited

… Respondent

Mr. Kamal Agarawal, FCA for the Appellant.

Ms. Zarnaab Aswad, Advocate with Mr. Aayush Pandey, Advocate i/b Khaitan & Co. for the Respondent.

With

Appeal No. 183 of 2025

MSE Financial Services Ltd.

….. Appellant

Versus

National Stock Exchange of India Ltd.

… Respondent

Advocate i/b SD and Associates for the Appellant.

, Advocate i/b Parinam Law Associates for the Respondent.

With

Appeal No. 334 of 2025

Rashi Equisearch Pvt. Ltd.

….. Appellant

Versus

National Stock Exchange of India Ltd.

… Respondent

Mr. Kamal Agarawal, FCA for the Appellant.

Mr. Ishan Agrawal, Advocate with Mr. Kush Khandelwal, Mr.

Ashutosh Mishra, Ms. Rasika Ghate, Mr. Prakshal Jain, Ms.

Asmita Pandey, Advocates i/b Naayam Associates for the Respondent.

With

Appeal No. 343 of 2025

M/s. Finvasia Securities Pvt. Ltd.

….. Appellant

Versus

National Stock Exchange of India Ltd.

… Respondent

, Advocate i/b S D & Associates for the Appellant.

, Advocate i/b Parinam Law Associates for the Respondent.

With

Appeal No. 344 of 2025

BP Equities Pvt. Ltd.

….. Appellant

Versus

National Stock Exchange of India Ltd.

… Respondent

, Advocate i/b S D & Associates for the Appellant.

, Advocate i/b Parinam Law Associates for the Respondent.

With

Appeal No. 403 of 2025

And

Misc. Application No. 14 of 2026

Jainam Broking Ltd.

….. Appellant

Versus

National Stock Exchange of India Ltd.

… Respondent

, Advocate i/b S D & Associates for the Appellant.

, Advocate i/b Parinam Law Associates for the Respondent.

With

Appeal No. 504 of 2025

Dynamic Equities Pvt. Ltd.

….. Appellant

Versus

Multi Commodity Exchange of India Ltd.

… Respondent

Mr.

Kunal

Katariya,

Advocate

with

Mr.

Shubham

Dhamnaskar, Mr. Vineet Jadhav and Mr. Sahebrao W.

Buktare, Advocates with Mr. Shardul Shah, CA i/b Shah &

Ramaiya Chartered Accountant for the Appellant.

Mr. Anubhav Ghosh, Advocate with Mr. Vivek Shah, Mr.

Paras Taneja, Advocates i/b Trilegal for the Respondent.

With

Appeal No. 17 of 2026

And

Ventura Securities Ltd.

….. Appellant

Versus

BSE Limited

… Respondent

Mr. Kunal Katariya, Advocate with Mr. Kavish Garach, Advocate i/b Regstreet Law Advisors for the Appellant.

Mr. Manish Chhangani, Advocate with Ms. Sanskrity Purohit, Mr. Karthik K.P., Mr. Devya Shah, Advocates i/b The Law Point for the Respondent.

With

Appeal No. 29 of 2026

J. G. Shah Financial Consultants Pvt. Ltd.

….. Appellant

Versus

BSE Ltd.

… Respondent

Mr.

Kunal

Katariya,

Advocate

with

Mr.

Shubham

Dhamnaskar, Mr. Vineet Jadhav, Mr. Sahebrao W. Buktare, Advocates with Mr. Shardul Shah, CA i/b Shah & Ramaiya, Chartered Accountants for the Appellant.

Mr. Manish Chhangani, Advocate with Ms. Sanskrity Purohit, Mr. Karthik K.P., Mr. Devya Shah, Advocates i/b The Law Point for the Respondent.