Reliance Commercial Finance Limited vs SEBI on 22 September 2026

BEFORE THE SECURITIES APPELLATE TRIBUNAL

MUMBAI

Date : 22.09.2026

Appeal No. 591 of 2024

And

Misc. Application No. 287 of 2025

Reliance Commercial Finance Limited

… Appellant

Versus

Securities and Exchange Board of India … Respondent Mr. Malhar Zatakia, Advocate with Ms. Aparna Wagle, Advocate i/b. Alliance Law for the Appellant.

Ms. Komal Shah, Advocate with Ms. Nidhi Singh, Mr. Arav Doss, Advocates i/b Vidhii Partners for the Respondent.

With

Appeal No. 592 of 2024

And

Misc. Application No. 542 of 2025

Pinkesh R. Shah … Appellant

Versus

Securities and Exchange Board of India … Respondent Mr.

Tomu

Francis,

Advocate

with

Mr.

Arka

Saha,

Ms. Komal Shah, Advocate with Ms. Nidhi Singh, Mr. Arav Doss, Advocates i/b Vidhii Partners for the Respondent.

With

Appeal No. 602 of 2024

And

Misc. Application No. 1332 of 2024

And

Misc. Application No. 318 of 2025

Mr. Anil Dhirajlal Ambani … Appellant

Versus

Securities and Exchange Board of India … Respondent

Ms. Jinal Gogri, Advocate with Ms. Megh Soni, Advocate i/b Crawford Bayley & Co. for the Appellant.

Ms. Komal Shah, Advocate with Ms. Nidhi Singh, Mr. Arav Doss, Advocates i/b Vidhii Partners for the Respondent.

With

Appeal No. 634 of 2024

And

Misc. Application No. 403 of 2025

Netizen Engineering Pvt. Ltd.

… Appellant

Versus

Securities and Exchange Board of India … Respondent Mr. K. C. Jacob, Advocate with Mr. Shourya Tanay, Advocate i/b. Economic Laws Practice for the Appellant.

Ms. Komal Shah, Advocate with Ms. Nidhi Singh, Mr. Arav Doss, Advocates i/b Vidhii Partners for the Respondent.

With

Appeal No. 637 of 2024

And

Misc. Application No. 112 of 2025

And

Misc. Application No. 536 of 2025

Deep Industrial Finance Limited … Appellant

Versus

Securities and Exchange Board of India … Respondent Ms. Madhavi Doshi, Advocate i/b. Phoenix Legal for the Appellant.

Ms. Komal Shah, Advocate with Ms. Nidhi Singh, Mr. Arav Doss, Advocates i/b Vidhii Partners for the Respondent.

With

Appeal No. 638 of 2024

And

Misc. Application No. 535 of 2025

Citi Securities and Financial Service

Private Limited

… Appellant

Versus

Securities and Exchange Board of India … Respondent Ms. Madhavi Doshi, Advocate i/b. Phoenix Legal for the Appellant.

Ms. Komal Shah, Advocate with Ms. Nidhi Singh, Mr. Arav Doss, Advocates i/b Vidhii Partners for the Respondent.

With

Appeal No. 639 of 2024

And

Misc. Application No. 537 of 2025

Reliance Cleangen Limited

… Appellant

Versus

Securities and Exchange Board of India … Respondent Ms. Madhavi Doshi, Advocate i/b. Phoenix Legal for the Appellant.

Ms. Komal Shah, Advocate with Ms. Nidhi Singh, Mr. Arav Doss, Advocates i/b Vidhii Partners for the Respondent.

With

Appeal No. 640 of 2024

And

Misc. Application No. 113 of 2025

And

Misc. Application No. 538 of 2025

Reliance Unicorn Enterprises Private Ltd. … Appellant

Versus

Securities and Exchange Board of India … Respondent

Ms. Madhavi Doshi, Advocate i/b. Phoenix Legal for the Appellant.

Ms. Komal Shah, Advocate with Ms. Nidhi Singh, Mr. Arav Doss, Advocates i/b Vidhii Partners for the Respondent.

With

Appeal No. 641 of 2024

And

Misc. Application No. 402 of 2025

CLE Private Limited … Appellant

Versus

Securities and Exchange Board of India … Respondent Mr. K. C. Jacob, Advocate with Mr. Shourya Tanay, Advocate i/b. Economic Laws Practice for the Appellant.

Ms. Komal Shah, Advocate with Ms. Nidhi Singh, Mr. Arav Doss, Advocates i/b Vidhii Partners for the Respondent.

With

Appeal No. 648 of 2024

Phi Management Solutions Private Limited … Appellant

Versus

Securities and Exchange Board of India … Respondent Mr. L. S. Shetty, Advocate with Ms. Namita Shetty, Advocate i/b. Shetty, Malhotra & Associates for the Appellant.

Ms. Komal Shah, Advocate with Ms. Nidhi Singh, Mr. Arav Doss, Advocates i/b Vidhii Partners for the Respondent.

With

Appeal No. 649 of 2024

And

Misc. Application No. 111 of 2025

Gamesa Investment Management Pvt. Ltd.

… Appellant

Versus

Securities and Exchange Board of India

… Respondent

Mr. L. S. Shetty, Advocate with Ms. Namita Shetty, Advocate i/b. Shetty, Malhotra & Associates for the Appellant.

Ms. Komal Shah, Advocate with Ms. Nidhi Singh, Mr. Arav Doss, Advocates i/b Vidhii Partners for the Respondent.

With

Appeal No. 650 of 2024

Ravindra Sudhalkar … Appellant

Versus

Securities and Exchange Board of India … Respondent Mr.

Tomu

Francis,

Advocate

with

Mr.

Arka

Saha,

Ms. Komal Shah, Advocate with Ms. Nidhi Singh, Mr. Arav Doss, Advocates i/b Vidhii Partners for the Respondent.

With

Appeal No. 658 of 2024

Amit Bapna … Appellant

Versus

Securities and Exchange Board of India … Respondent Mr.

Tomu

Francis,

Advocate

with

Mr.

Arka

Saha,

Ms. Komal Shah, Advocate with Ms. Nidhi Singh, Mr. Arav Doss, Advocates i/b Vidhii Partners for the Respondent.