Mr. Suprabhat Lala vs SEBI & Another on 3 September 2026

BEFORE THE SECURITIES APPELLATE TRIBUNAL

MUMBAI

Date: 03.09.2026

Appeal No. 328 of 2019

Mr. Suprabhat Lala

… Appellant

Versus

Securities and Exchange Board of India &

Anr.

… Respondents

Mr. Joby Mathew, Advocate with Mr. Aditya Joby, Mr. Harish Ballani, Ms. Uttam Jaiswal, Advocates i/b Joby Mathew &

Associates for the Appellant.

Ms. Shreya Parikh, Advocate with Mr. Sumit Yadav,

Mr.

Abhay

Chauhan,

Mr.

Karthik

K.P,

Mr.

Devya

(SEBI).

i/b AZB & Partners for the Respondent No. 2 (NSE).

With

Appeal No. 329 of 2019

Infotech Financials Pvt. Ltd. & Ors.

… Appellants

Versus

Securities and Exchange Board of India &

Anr.

… Respondents

Mr.

Zerick

Dastur,

Advocate

with

Mr.

Khushil Shah,

Ms. Palak Agrawal, Mr. Anubhav Sinha, Advocates i/b.

Zerick Dastur Advocates & Solicitors for the Appellants.

Ms. Shreya Parikh, Advocate with Mr. Sumit Yadav,

Mr.

Abhay

Chauhan,

Mr.

Karthik

K.P,

Mr.

Devya

(SEBI).

With

Appeal No. 330 of 2019

Ajay Shah

… Appellant

Versus

Securities and Exchange Board of India &

Anr.

… Respondents

Mr. Janak Dwarkadas, Senior Advocate with Mr. Zerick Dastur, Mr. Khushil Shah, Ms. Palak Agrawal, Mr. Anubhav Sinha, Advocates i/b. Zerick Dastur Advocates & Solicitors for the Appellant.

Ms. Shreya Parikh, Advocate with Mr. Sumit Yadav,

Mr.

Abhay

Chauhan,

Mr.

Karthik

K.P,

Mr.

Devya

Shah, Advocates i/b The Law Point for the Respondent No. 1

(SEBI).

With

Appeal No. 332 of 2019

Ravi Narain

… Appellant

Versus

Securities and Exchange Board of India &

Anr.

… Respondents

Mr. Robin Shah, Advocate with Mr. Udaysingh Kashid, Advocate i/b Bodhi Legal for the Appellant.

Ms. Shreya Parikh, Advocate with Mr. Sumit Yadav,

Mr.

Abhay

Chauhan,

Mr.

Karthik

K.P,

Mr.

Devya

Shah, Advocates i/b The Law Point for the Respondent No. 1

(SEBI).

i/b AZB & Partners for the Respondent No. 2 (NSE).

With

Ms. Chitra Ramkrishna

… Appellant

Versus

Securities and Exchange Board of India &

Anr.

… Respondents

Mr. Suraj Chaudhary, Advocate with Mr. Sumit Yadav, Mr.

Abhay

Chauhan,

Mr.

Karthik

K.P,

Mr.

Devya

Shah, Advocates i/b The Law Point for the Respondent No. 1

(SEBI).

i/b AZB & Partners for the Respondent No. 2 (NSE).

With

Appeal No. 409 of 2022

Ravi Narain

… Appellant

Versus

Securities and Exchange Board of India &

Anr.

… Respondents

Mr. Robin Shah, Advocate with Mr. Udaysingh Kashid, Advocate i/b Bodhi Legal for the Appellant.

Mr.

Abhay

Chauhan,

Mr.

Karthik

K.P,

Mr.

Devya

Shah, Advocates i/b The Law Point for the Respondent No. 1

(SEBI).

i/b AZB & Partners for the Respondent No. 2 (NSE).

With

Appeal No. 425 of 2022

Ajay Shah

… Appellant

Versus

Securities and Exchange Board of India &

Anr.

Mr. Janak Dwarkadas, Senior Advocate with Mr. Zerick Dastur, Mr. Khushil Shah, Ms. Palak Agrawal, Mr. Anubhav Sinha, Advocates i/b Zerick Dastur Advocates for the Appellant.

Ms. Shreya Parikh, Advocate with Mr. Sumit Yadav,

Mr.

Abhay

Chauhan,

Mr.

Karthik

K.P,

Mr.

Devya

Shah, Advocates i/b The Law Point for the Respondent No. 1

(SEBI).

i/b AZB & Partners for the Respondent No. 2 (NSE).

With

Appeal No. 426 of 2022

Suprabhat Lala

… Appellant

Versus

Anr.

… Respondents

Mr. Joby Mathew, Advocate with Mr. Aditya Joby, Mr. Harish Ballani, Ms. Uttam Jaiswal, Advocates i/b Joby Mathew &

Associates for the Appellant.

Ms. Shreya Parikh, Advocate with Mr. Sumit Yadav,

Mr.

Abhay

Chauhan,

Mr.

Karthik

K.P,

Mr.

Devya

Shah, Advocates i/b The Law Point for the Respondent No. 1

(SEBI).

i/b AZB & Partners for the Respondent No. 2 (NSE).

With

Appeal No. 427 of 2022

Infotech Financials Pvt. Ltd. & Ors.

… Appellants

Versus

Anr.

Mr.

Zerick

Dastur,

Advocate

with

Mr.

Khushil Shah,

Ms. Palak Agrawal, Mr. Anubhav Sinha, Advocates i/b Zerick Dastur Advocates for the Appellants.

Ms. Shreya Parikh, Advocate with Mr. Sumit Yadav,

Mr.

Abhay

Chauhan,

Mr.

Karthik

K.P,

Mr.

Devya

Shah, Advocates i/b The Law Point for the Respondent No. 1

(SEBI).

i/b AZB & Partners for the Respondent No. 2 (NSE).

With

Appeal No. 560 of 2022

Ms. Chitra Ramkrishna

… Appellant

Versus

Anr.

… Respondents

Mr. Suraj Chaudhary, Advocate with Mr. Sumit Yadav, Mr.

Abhay

Chauhan,

Mr.

Karthik

K.P,

Mr.

Devya

Shah, Advocates i/b The Law Point for the Respondent No. 1

(SEBI).

i/b AZB & Partners for the Respondent No. 2 (NSE).