Securities Appellate Tribunal
Dr. Avinash Chandrakantrao Chavandke vs SEBI on 1 September 2026
IN THE SECURITIES APPELLATE TRIBUNAL AT
MUMBAI
DATED THIS THE 1ST DAY OF SEPTEMBER, 2026
CORAM : Justice P. S. Dinesh Kumar, Presiding Officer Ms. Meera Swarup, Technical Member Dr. Dheeraj Bhatnagar, Technical Member
Appeal No. 538 of 2024
And
Misc. Application No. 677 of 2024
Between
Dr. Avinash Chandrakantrao Chavandke
Itolikar Galli, Near Jain Mandir Parisar, Jintur, Dist. Parbhani, Maharashtra – 431 509.
…. Appellant
By Mr. Samarth Raju Moray, Advocate i/b Ms. Shivani Suryakant Shinde, Advocate for the Appellant.
And
1. Securities and Exchange Board of India SEBI Bhavan, Plot No. C-4A, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051.
2. Highbrow Market Research Pvt. Ltd.
515-516, Shagun Arcade,
Plot No. 8 P4-A,
Scheme No. 54 Commercial,
Vijaynagar Indore,
Madhya Pradesh – 452 010.
3. Chandan Singh Rajput
173, Ring Road, Swarn Bag Colony,
Khajarana, Indore,
Madhya Pradesh – 452 001.
4. Rahul Trivedi
19, Hammal Colony, Indore,
Madhya Pradesh – 452 016.
5. Sunil Atode
Makan No. 422, Kankad,
Gram Bicholi, Hapsi, Indore,
Madhya Pradesh – 452 016.
6. Girish Kumar Pahwani
31/2, Bairathi Colony, Khatiwala Tank,
Indore, Madhya Pradesh – 452 014.
7. Laxmikant Sharma
202, Palak Apartment, 91 Goyal Nagar,
Indore, Madhya Pradesh – 452 010.
8. Mohit Chhaparwal
Chandra Colony, Madanganj,
Kishangarh, Rajasthan – 305 801.
9. Hemant Agrawal
30-A, State Bank Colony,
Dewas Road, Ujjain,
Madhya Pradesh – 456 776.
10. Swapnil Prajapati
Near Old Jain Temple,
Singhwahniward, Mandla,
Madhya Pradesh – 481 661.
…. Respondents
By Mr. Suraj Chaudhary, Advocate with Mr. Manish Chhangani, Mr. Sumit Yadav, Mr. Karthik K.P., Mr. Devya Shah, Advocates i/b The Law Point for the Respondent No. 1
(SEBI).
None for the Respondent Nos. 2 to 10.
THIS APPEAL IS FILED UNDER SECTION 15T OF SEBI
ACT, 1992 TO SET ASIDE ORDER DATED NOVEMBER
07, 2023 (EX-A) PASSED BY SEBI.
THIS APPEAL COMING ON FOR HEARING THIS 1ST DAY
OF SEPTEMBER 2026, THIS TRIBUNAL PASSED THE
FOLLOWING:
Citations and Judicial Treatment
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0
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Cites
0
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0
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Overruled / Questioned
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No negative treatment found
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O R D E R
Per : Justice P. S. Dinesh Kumar, Presiding Officer (Oral)
Mr. Samarth Raju Moray, Advocate i/b Ms. Shivani Suryakant Shinde, learned advocate for the appellant seeks leave to withdraw this appeal. Respondent has no objection. Leave granted.
2. Appeal is dismissed as withdrawn. Pending interlocutory application(s), if any, stands disposed of.
No costs.
Justice P. S. Dinesh Kumar Presiding Officer
Ms. Meera Swarup Technical Member
Dr. Dheeraj Bhatnagar Technical Member 01.09.2026 PTM
MRS PRAMILA Digitally signed by MRS PRAMILA Date: 2026.09.03 12:37:00 +05'30'