Securities Appellate Tribunal
Zarir Rumi Patel vs NSEIL on 1 September 2026
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BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI
Date: 01.09.2026
Appeal No. 326 of 2024 And Misc. Application No. 465 of 2024
Zarir Rumi Patel ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant. Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates for the Respondent.
With Appeal No. 327 of 2024 And Misc. Application No. 468 of 2024
Ashish Ravindra Rao ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
the Respondent.
With Appeal No. 353 of 2024 And Misc. Application No. 398 of 2024 And
Misc. Application No. 399 of 2024 And Misc. Application No. 400 of 2024
Pradeep Advani ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
the Respondent.
With Appeal No. 405 of 2024
Herman Diogo Dsouza ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
the Respondent.
With Appeal No. 406 of 2024 And Misc. Application No. 257 of 2024
Ishan Anand Madiwale ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Vishal Jathar, Advocate i/b. Parinam Law Associates for the Respondent.
With Appeal No. 407 of 2024
Sarbari Khan ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
the Respondent.
With Appeal No. 408 of 2024 And Misc. Application No. 300 of 2024
Ajithkumar Vasukutta Panicker ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates for the Respondent.
With Appeal No. 409 of 2024 And Misc. Application No. 308 of 2024
Priyadarshini Lobo ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
the Respondent.
With Appeal No. 410 of 2024
Amit Nikam ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
the Respondent.
With Appeal No. 411 of 2024
Jose Madan ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates for the Respondent.
With Appeal No. 412 of 2024 And Misc. Application No. 371 of 2024
Yasmin Desai ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates for the Respondent.
With Appeal No. 413 of 2024
Lourdes Fernandes ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
the Respondent.
With Appeal No. 414 of 2024 And Misc. Application No. 379 of 2024
Nikhil Fernandes ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
the Respondent.
With Appeal No. 446 of 2024 And Misc. Application No. 601 of 2024 And Misc. Application No. 765 of 2024
Yogesh Kumar Sharma ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Vishal Jathar, Advocate i/b. Parinam Law Associates for the Respondent.
With Appeal No. 450 of 2024 And Misc. Application No. 660 of 2024 And Misc. Application No. 661 of 2024
Dominic Lawrence Silverira ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Vishal Jathar, Advocate i/b. Parinam Law Associates for the Respondent.
With Appeal No. 451 of 2024 And Misc. Application No. 663 of 2024
Ulrica Dias ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Vishal Jathar, Advocate i/b. Parinam Law Associates for the Respondent.
With Appeal No. 452 of 2024 And Misc. Application No. 664 of 2024 And Misc. Application No. 665 of 2024
Wilson Marcus Guilherme Mascarenhas ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Vishal Jathar, Advocate i/b. Parinam Law Associates for the Respondent.
With Appeal No. 471 of 2024 And Misc. Application No. 472 of 2024
Jigna Bimal Mistry ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Rashid Boatwalla, Advocate with Mr. Pranav Kethineni, Advocate i/b Manilal Kher Ambalal & Co. for the Respondent.
With Appeal No. 489 of 2024 And Misc. Application No. 396 of 2024
Jesly John ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates for the Respondent.
With Appeal No. 490 of 2024
Narayan Naikare ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
the Respondent.
With Appeal No. 491 of 2024
Ranjit Merces Sousa ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates for the Respondent.
With Appeal No. 492 of 2024 And Misc. Application No. 552 of 2024
Ayitha Swarnamba ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates for the Respondent.
With Appeal No. 501 of 2024 And Misc. Application No. 815 of 2024
Arati Harikumar ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
the Respondent.
With Appeal No. 515 of 2024 And
Misc. Application No. 868 of 2024 And Misc. Application No. 869 of 2024
Kriti Garg ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates for the Respondent.
With Appeal No. 516 of 2024 And Misc. Application No. 872 of 2024 And Misc. Application No. 873 of 2024
Parikshit Govind Lalvani ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
the Respondent.
With Appeal No. 555 of 2024 And Misc. Application No. 987 of 2024 And Misc. Application No. 988 of 2024
Maria Fatima Dasilva Gracias ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
the Respondent.
With Appeal No. 628 of 2024 And Misc. Application No. 1079 of 2024 And Misc. Application No. 1080 of 2024
Rajrishi Girish Dave ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
the Respondent.
With Appeal No. 655 of 2024 And Misc. Application No. 1077 of 2024 And Misc. Application No. 1078 of 2024
Rahul Katariya ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
the Respondent.
With Appeal No. 667 of 2024 And Misc. Application No. 1153 of 2024 And Misc. Application No. 1154 of 2024
Antony Kundukulangara Devassy ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
the Respondent.
With Appeal No. 64 of 2025 And Misc. Application No. 1360 of 2024 And Misc. Application No. 1361 of 2024
Sujata A Sequeira ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates for the Respondent.
With Appeal No. 65 of 2025 And Misc. Application No. 1362 of 2024 And
Misc. Application No. 1363 of 2024
Chitra Fernando ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates for the Respondent.
With Appeal No. 66 of 2025 And Misc. Application No. 1364 of 2024 And Misc. Application No. 1365 of 2024
Hirak Bhattacharjee ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates for the Respondent.
With Appeal No. 67 of 2025 And Misc. Application No. 1366 of 2024
Meenakshi Vijay Petkar ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates for the Respondent.
With Appeal No. 68 of 2025 And Misc. Application No. 1376 of 2024 And Misc. Application No. 1377 of 2024
Amish Banker ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates for the Respondent.
With Appeal No. 69 of 2025 And Misc. Application No. 1378 of 2024 And Misc. Application No. 1379 of 2024
Clinton Philip Crasto ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates for the Respondent.
With Appeal No. 75 of 2025
Santosh Narayanan Nair ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates for the Respondent.
With Appeal No. 76 of 2025
Jolly Rodrigues ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates for the Respondent.
With Appeal No. 77 of 2025
Jayanta Guha ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates for the Respondent.
With Appeal No. 78 of 2025
Anil Maruti Bhogate ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates for the Respondent.
With Appeal No. 79 of 2025
John Mathew ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates for the Respondent.
With Appeal No. 80 of 2025
Rukaiya Rafeedhen Sultan ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates for the Respondent.
With Appeal No. 87 of 2025
Falguni H. Lahar ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates for the Respondent.
With Appeal No. 90 of 2025 And Misc. Application No. 8 of 2025
S. Veerachamy ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates for the Respondent.
With Appeal No. 91 of 2025 And Misc. Application No. 70 of 2025 And Misc. Application No. 71 of 2025
Louis Gonsalves ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates for the Respondent.
With Appeal No. 92 of 2025 And Misc. Application No. 133 of 2025 And Misc. Application No. 132 of 2025
Walter Benard Gomes ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates for the Respondent.
With Appeal No. 151 of 2025 And Misc. Application No. 411 of 2026
Manoj Madhav Datir ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Sandesh R. Shukla, Advocate with Ms. Anasamah Sayed, Advocate i/b. Mr. Mithun Khaire, Advocate for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates for the Respondent.
With Appeal No. 404 of 2025 And Misc. Application No. 997 of 2025 And Misc. Application No. 998 of 2025
Prasad R. Sankhe ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates for the Respondent.
With Appeal No. 407 of 2025 And Misc. Application No. 1011 of 2025 And Misc. Application No. 1010 of 2025
Sunanda Dandekar ….. Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates for the Respondent.
ORDER :
1. Part heard. By consent, call on September 22, 2026.
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: 2026.09.02 16:17:04 +05'30'