Anand Rathi Share and Stock Brokers Limited vs NSEIL on 8 September 2026

BEFORE THE SECURITIES APPELLATE TRIBUNAL

MUMBAI

Date : 08.09.2026

Appeal No. 372 of 2021

[Along with Misc. Application No. 616 of 2021]

Anand Rathi Share and Stock Brokers Limited …Appellant

Versus

National Stock Exchange of India Limited …Respondent

Mr. Rashid Boatwalla and Mr. Pranav Kethineni, Advocates i/b Manilal Kher Ambalal & Co. for the Respondent.

WITH

Appeal No. 188 of 2023

M/s. SMIFS Ltd.

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Kunal Katariya, Advocate i/b SD & Associates for the Appellant.

i/b. Parinam Law Associates for the Respondent WITH

Appeal No. 092 of 2024

Rashi Equisearch Pvt. Ltd.

…Appellant

Versus

BSE Limited

…Respondent

FCA Kamal Agrawal for the Appellant.

Ms. Zarnaab Aswad and Ms. Manal Shah, Advocates i/b Khaitan & Co. for the Respondent.

WITH

Appeal No. 183 of 2025

MSE Financial Services Limited

…Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Kunal Katariya, Advocate i/b SD & Associates for the Appellant.

i/b. Parinam Law Associates for the Respondent

WITH

Appeal No. 334 of 2025

Rashi Equisearch Pvt. Ltd.

…Appellant

Versus

National Stock Exchange of India Limited …Respondent

FCA Kamal Agrawal for the Appellant.

Mr. Ishan Agrawal with Mr. Mr. Kush Khandelwal, Mr. Ashutosh Mishra, Ms. Rasika Ghate, Prakshal Jain and Ms. Asmita Pandey, Advocates i/b Nyaayam Associates for the Respondent - NSEIL.

WITH

Appeal No. 343 of 2025

M/s. Finvasia Securities Private Limited …Appellant

Versus

National Stock Exchange of India Limited …Respondent Mr. Kunal Katariya, Advocate i/b SD & Associates for the Appellant.

i/b. Parinam Law Associates for the Respondent

WITH

Appeal No. 344 of 2025

BP Equities Private Limited

…Appellant

Versus

National Stock Exchange of India Limited …Respondent

Mr. Kunal Katariya, Advocate i/b SD & Associates for the Appellant.

i/b. Parinam Law Associates for the Respondent

WITH

Appeal No. 403 of 2025

[Along with Misc. Application No. 14 of 2026]

Jainam Broking Ltd.

…Appellant

Versus

National Stock Exchange of India Limited …Respondent

Mr. Kunal Katariya, Advocate i/b SD & Associates for the Appellant.

i/b. Parinam Law Associates for the Respondent

WITH

Appeal No. 504 of 2025

Dynamic Equities Private Limited

…Appellant

Versus

Multi Commodity Exchange of India Limited …Respondent

Mr. Kunal Katariya with Mr. Shubham Dhamnaskar, Mr. Sahebrao Wamanrao Buktare, Advocates and Mr. Shardul Shah, CA i/b Shah & Ramaiya, Chartered Accountants for the Appellant.

Mr. Anubhav Ghosh with Mr. Vivek Shah and Mr. Paras Taneja, Advocates i/b Trilegal for the Respondent – MCX.

WITH

Appeal No. 017 of 2026

[Along with Misc. Application No. 102 of 2026]

Ventura Securities Limited

…Appellant

Versus

BSE Limited

…Respondent

Mr. Kavish Garach, Advocate i/b Regstreet Law Advisors for the Appellant.

Mr. Kunal Katariya with Mr. Sumit Agrawal, Mr. Abhineet Pange, Mr. Kavish Garach

and

Mr.

Akarsh

Tripathi,

Advocates i/b Regstreet Law Advisors for the Appellant.

AND

Appeal No. 029 of 2026

J.G. Shah Financial Consultants Pvt. Ltd.

…Appellant

Versus

BSE Limited

…Respondent

Mr. Kunal Katariya, Advocate with Mr. Shubham Shamnaskar, Mr. Sahebrao Wamanrao Buktare, Advocates and Mr. Shardul Shah, CA i/b Shah & Ramaiya, Chartered Accountants 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 – BSE.