Securities Appellate Tribunal
Nishil Surendra Marfatia vs Securities and Exchange Board of India on 4 September 2026
IN THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date: 04.09.2026
Appeal No. 285 of 2026
[Along with Misc. Application Nos. 844, 845 and 846 of
Nishil Surendra Marfatia
…Appellant
Versus
Securities and Exchange Board of India
…Respondent
Dr. Keyur Shah, Advocate with Mr. Meit Shah, Advocate i/b Prakash Shah and Associates for the Appellant.
Ms. Prapti Kedia, Advocate i/b Agama Law Associates for the Respondent.
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ORDER:
The Misc. Application No. 844 of 2026 for urgency has worked for itself and it is accordingly disposed of.
2. Exemption application bearing Misc. Application No. 846 of 2026 is allowed and disposed of.
3. Admit.
4. Respondent is allowed six weeks to file reply. Rejoinder, if any, be filed within three weeks thereafter.
5. Learned advocate for the appellant submits that SEBI has directed disgorgement, debarment for three years and imposed penalty of Rs.40 Lakhs. He submits that appellant has already deposited the disgorgement amount and suffered the debarment. He prayed that direction to pay the penalty may be stayed.
6. There shall be stay of recovery subject to deposit of 50% penalty within four weeks from today. If the said amount is deposited, the same shall be placed in an interest bearing account by SEBI. The Stay Application, Misc. Application No. 845 of 2026 is disposed of.
7. Call on November 19, 2026.
Justice P. S. Dinesh Kumar Presiding Officer
Ms. Meera Swarup Technical Member
Dr. Dheeraj Bhatnagar Technical Member 04.09.2026 PK PRERNA MANISH KHARE Digitally signed by PRERNA MANISH KHARE Date: 2026.09.07 16:06:15 +05'30'