GEneration IM Fund PLC Generation IM Global Equity Fund & Others vs SEBI on 23 September 2026

IN THE SECURITIES APPELLATE TRIBUNAL

AT MUMBAI

DATED THIS THE 23th DAY OF SEPTEMBER, 2026.

CORAM: Justice P. S. Dinesh Kumar, Presiding Officer Dr. Dheeraj Bhatnagar, Technical Member

Appeal No. 40 of 2026

BETWEEN:

1. Generation IM Fund PLC-

Generation IM Global Equity Fund

Northern Trust International Fund

Administrative Services (Ireland)

Limited, Georges Court 54-62 Townsend Street, Dublin D02 R156, Ireland.

2. Generation IM Fund PLC-

Generation IM Asia Fund

Northern Trust International Fund

Administrative Services (Ireland)

Limited, Georges Court 54-62 Townsend Street, Dublin D02 R156, Ireland.

3. Generation IM Global Equity Fund LLC- The Corporation Trust Company, Corporation Trust Center, 1209, Orange Street, Wilmington, New Castle Country- Delaware- 19801, United States of America

4. Generation IM Fund Asia Fund LP

The Corporation Trust Company,

Corporation Trust Center, 1209,

Orange Street, Wilmington,

New Castle Country- Delaware- 19801,

United States of America

…Appellants

Ms. Diya Gabija, Advocate with Mr. Aliff Fazelbhoy, Advocate i/b ALMT Legal, Advocates & Solicitors for the Appellants.

AND

2

Securities and Exchange Board of India

SEBI Bhavan, C4-A, G-Block,

Bandra Kurla Complex,

Bandra (E), Mumbai- 400 051

…Respondent

Mr. Manish Chhangani, Advocate with Mr. Sumit Yadav, Mr. Karthik K.P. and Mr. Devya Shah, Advocates i/b The Law Point for the Respondent-SEBI.

THIS APPEAL IS FILED UNDER SECTION 15T OF THE SEBI

ACT, 1992 TO SET ASIDE THE ORDER DATED 05.12.2025

(ANNEXURE-01) PASSED BY SEBI.

THIS APPEAL HAVING BEEN HEARD AND THE TRIBUNAL

MADE THE FOLLOWING: