Securities Appellate Tribunal
Asha Nikam vs NSEIL on 1 September 2026
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BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI
Date : 01.09.2026
Appeal No. 187 of 2025 And Misc. Application No. 247 of 2025
Asha Nikam … 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. 188 of 2025 And Misc. Application No. 258 of 2025 And Misc. Application No. 259 of 2025
Vaibhavi 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. 189 of 2025 And Misc. Application No. 260 of 2025
And Misc. Application No. 261 of 2025
Gauri Madiwale … 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. 190 of 2025 And Misc. Application No. 262 of 2025 And Misc. Application No. 263 of 2025
Shweta Anand … 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. 191 of 2025 And Misc. Application No. 265 of 2025
Srinivas Mahadevaiah … 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. 192 of 2025 And Misc. Application No. 267 of 2025
Susan Agnelo Mendes … 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. 193 of 2025 And Misc. Application No. 316 of 2025
Ramasubramanian Sankar … 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. 194 of 2025 And Misc. Application No. 686 of 2025
Rashmi Dsouza … 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. 195 of 2025 And Misc. Application No. 337 of 2025
Vildon Victor Butelho … 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. 196 of 2025 And Misc. Application No. 364 of 2025
Melroy 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. 197 of 2025 And Misc. Application No. 667 of 2025
Olga A Pereira … 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. 198 of 2025 And Misc. Application No. 430 of 2025
Manisha Anand Dsilva … 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. 199 of 2025
Archana Yaswant Surve … 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. 200 of 2025 And Misc. Application No. 434 of 2025
Hasmukhlal Manilal Shah … 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. 209 of 2025 And Misc. Application No. 1055 of 2025
Jagadheeswara Raju Vysyaraju ….. Appellant
Versus
Anugrah Stock and Broking Pvt. Ltd. & Ors.
… Respondents
Mr. Vishal Hegde, 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 Nos. 1 (Anugrah).
Mr. Jaikishan Lakhwani, Advocate with Ms. Tanvi Gupta, Mr. Sunilkumar Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates for the Respondent Nos. 2.
Mr. Ravishekhar Pandey, Advocate with Ms. Sanskruti Sharma, Advocate i/b Agama Law Associates for the Respondent Nos. 3 (SEBI).
With Appeal No. 229 of 2025 And Misc. Application No. 521 of 2025 And Misc. Application No. 735 of 2025
Usha Vijay Ubale … 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. 230 of 2025 And Misc. Application No. 585 of 2025
Sumitra Mahendra Ashar … 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. 231 of 2025 And Misc. Application No. 523 of 2025
Audsley Dmello … 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. 232 of 2025 And Misc. Application No. 723 of 2025 And Misc. Application No. 525 of 2025
Wenzell Dmello … 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. 233 of 2025 And Misc. Application No. 527 of 2025
Cedric Adrian Dsouza … 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. 234 of 2025 And Misc. Application No. 594 of 2025
Janice Maria Braganza … 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. 235 of 2025 And Misc. Application No. 268 of 2025 And Misc. Application No. 269 of 2025
Bharat Atmaram Tandel … 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. 237 of 2025 And Misc. Application No. 277 of 2025
And Misc. Application No. 278 of 2025
Subbharaman Sunderasan … 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. 238 of 2025 And Misc. Application No. 572 of 2025 And Misc. Application No. 573 of 2025
Jolly Thomas Vithayathil … 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. 264 of 2025 And Misc. Application No. 620 of 2025 And Misc. Application No. 619 of 2025
Shanmugam Padmavathy … 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. 265 of 2025 And Misc. Application No. 617 of 2025 And Misc. Application No. 618 of 2025
Bimal Kirit Mistry … 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. 293 of 2025 And Misc. Application No. 647 of 2025 And Misc. Application No. 803 of 2025
Shindes Medicare Hospital Pvt. Ltd. … Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Mr. Kamal Agrawal, FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Mr. Sunilkumar Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates for the Respondent.
With Appeal No. 306 of 2025 And Misc. Application No. 727 of 2025 And Misc. Application No. 728 of 2025 And Misc. Application No. 729 of 2025 And Misc. Application No. 413 of 2026
Naresh P. Shah … Appellant
Versus
National Stock Exchange of India Ltd. … Respondent
Ms. Rinku Valanju, Advocate with Mr. Amit Kumar, Advocate i/b R V Legal 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 16:18:00 +05'30'