Securities Appellate Tribunal
Bhavin shah & Another vs Securities and Exchange Board Of India on 11 September 2026
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date: 11.09.2026
Appeal No. 298 of 2026
And
Misc. Application No. 883 of 2026
Bhavin Shah & Anr.
….. Appellants
Versus
Securities & Exchange Board of India
… Respondent
Ms. Rinku Valanju, Advocate i/b R. V. Legal for the Appellants.
Ms. Prapti Kedia, Advocate with Ms. Sanskriti Sharma, Advocate i/b Agama Law Associates for the Respondent.
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ORDER:
1. For reasons stated therein, Misc. Application No. 883 of 2026, is allowed, delay of one day in filing the appeal is condoned; and the Misc. Application No. 883 of 2026 is disposed of.
2. Admit.
3. Respondent is allowed six weeks to file reply. Rejoinder, if any, be filed within three weeks thereafter.
4. Learned advocate for the appellants submitted that by the impugned order, appellants have been directed to disgorge about Rs. 1.50 to 2 Crore each. They have deposited the same pursuant to the interim order passed against them. They have also suffered debarment of 3 years. Appellants have deposited the said amounts pursuant to the interim order.
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5. The matter is similar to Appeal No. 285 of 2026. (Nishil Surendra Marfatia v. SEBI). Learned advocate for the appellants prayed that the recovery may be stayed subject to deposit of 50% of the penalty. Learned advocate for the SEBI does not dispute the same.
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 the SEBI.
7. Call on November 19, 2026 along with Appeal No. 285 of 2026.
Justice P. S. Dinesh Kumar Presiding Officer
Ms. Meera Swarup Technical Member
Dr. Dheeraj Bhatnagar Technical Member 11.09.2026 PTM
MRS PRAMILA Digitally signed by MRS PRAMILA Date: 2026.09.11 15:42:39 +05'30'