Securities Appellate Tribunal
Rahul Khandelwal vs SEBI on 8 September 2026
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date : 08.09.2026
Appeal No. 224 of 2025
[Along with Misc. Application No. 499 of 2025]
Rahul Khandelwal
…Appellant
Versus
Securities and Exchange Board of India
…Respondent
Mr. Khushil Shah, Advocate for the Appellant.
Mr. Manish Chhangani with Mr. Sumit Yadav, Mr. Karthik K.P
and Mr. Devya Shah, Advocates i/b The Law Point for the Respondent – SEBI.
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ORDER:
The subject matter of this appeal is Illiquid Stock Options (ISO) scrips. SEBI has approved a settlement scheme. Similar matters we have directed to be listed on 15.12.2026.
2. Learned Advocate for the appellant submits that a portion of the penalty has already been recovered by SEBI and the same is not refuted by Mr. Manish Chhangani, learned Advocate for SEBI. Learned Advocate for the appellant prayed that the appellant’s bank account may be de-frozen.
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3. Admittedly, a portion of the penalty has been recovered. The settlement scheme has been approved by the SEBI. Therefore, we direct that the bank account may be de- frozen forthwith and SEBI shall not precipitate the matter any further.
4. Call on 15.12.2026.
Justice P.S. Dinesh Kumar
Presiding Officer
Ms. Meera Swarup Technical Member
Dr. Dheeraj Bhatnagar Technical Member 08.09.2026 msb
MADHUKAR BHALBAR Digitally signed by MADHUKAR BHALBAR Date: 2026.09.09 13:33:10 +05'30'