Mr. Duryodhan Sahoo vs SEBI & Another 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. 537 of 2024

And

Misc. Application No. 723 of 2024

And

Misc. Application No. 747 of 2025

Between

Duryodhan Sahoo

Jafar Building, Near LIC Office,

Joda Keonjhar, Odisha – 758 034.

…. 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: