Mr. Suprabhat Lala vs SEBI & Another on 28 September 2026

BEFORE THE SECURITIES APPELLATE TRIBUNAL

MUMBAI

Date: 28.09.2026

Appeal No. 328 of 2019

Mr. Suprabhat Lala

… Appellant

Versus

Securities and Exchange Board of India &

Anr.

… Respondents

Mr. Joby Mathew, Advocate with Ms. Uttam Jaiswal, Advocate i/b Joby Mathew & Associates for the Appellant.

Mr. Manish Chhangani, Advocate with Mr. Sumit Yadav, Mr. Karthik K.P, Mr. Devya Shah, Advocates i/b The Law Point for the Respondent No. 1 (SEBI).

i/b AZB & Partners for the Respondent No. 2 (NSE).

With

Appeal No. 329 of 2019

Infotech Financials Pvt. Ltd. & Ors.

… Appellants

Versus

Securities and Exchange Board of India &

Anr.

… Respondents

i/b. Zerick Dastur Advocates & Solicitors for the Appellants.

Mr. Manish Chhangani, Advocate with Mr. Sumit Yadav, Mr. Karthik K.P, Mr. Devya Shah, Advocates i/b The Law Point for the Respondent No. 1 (SEBI).

i/b AZB & Partners for the Respondent No. 2 (NSE).

With

Appeal No. 330 of 2019

Ajay Shah

… Appellant

Versus

Securities and Exchange Board of India &

Anr.

… Respondents

i/b. Zerick Dastur Advocates & Solicitors for the Appellant.

Mr. Manish Chhangani, Advocate with Mr. Sumit Yadav, Mr. Karthik K.P, Mr. Devya Shah, Advocates i/b The Law Point for the Respondent No. 1 (SEBI).

i/b AZB & Partners for the Respondent No. 2 (NSE).

With

Appeal No. 332 of 2019

Ravi Narain

… Appellant

Versus

Securities and Exchange Board of India &

Anr.

… Respondents

Mr. Robin Shah, Advocate with Mr. Udaysingh Kashid, Advocate i/b Bodhi Legal for the Appellant.

Mr. Manish Chhangani, Advocate with Mr. Sumit Yadav, Mr. Karthik K.P, Mr. Devya Shah, Advocates i/b The Law Point for the Respondent No. 1 (SEBI).

i/b AZB & Partners for the Respondent No. 2 (NSE).

With

Appeal No. 338 of 2019

Ms. Chitra Ramkrishna

… Appellant

Versus

Securities and Exchange Board of India &

Anr.

… Respondents

Mr. Manish Chhangani, Advocate with Mr. Sumit Yadav, Mr. Karthik K.P, Mr. Devya Shah, Advocates i/b The Law Point for the Respondent No. 1 (SEBI).

i/b AZB & Partners for the Respondent No. 2 (NSE).

With

Appeal No. 409 of 2022

Mr. Ravi Narain

… Appellant

Versus

Securities and Exchange Board of India &

Anr.

… Respondents

Mr. Robin Shah, Advocate with Mr. Udaysingh Kashid, Advocate i/b Bodhi Legal for the Appellant.

Mr. Manish Chhangani, Advocate with Mr. Sumit Yadav, Mr. Karthik K.P, Mr. Devya Shah, Advocates i/b The Law Point for the Respondent No. 1 (SEBI).

i/b AZB & Partners for the Respondent No. 2 (NSE).

With

Appeal No. 425 of 2022

Ajay Shah

… Appellant

Versus

Securities and Exchange Board of India &

Anr.

… Respondents

i/b Zerick Dastur Advocates for the Appellant.

Mr. Manish Chhangani, Advocate with Mr. Sumit Yadav, Mr. Karthik K.P, Mr. Devya Shah, Advocates i/b The Law Point for the Respondent No. 1 (SEBI).

i/b AZB & Partners for the Respondent No. 2 (NSE).

With

Appeal No. 426 of 2022

Suprabhat Lala

… Appellant

Versus

Securities and Exchange Board of India &

Anr.

… Respondents

Mr. Joby Mathew, Advocate with Ms. Uttam Jaiswal, Advocate i/b Joby Mathew & Associates for the Appellant.

Mr. Manish Chhangani, Advocate with Mr. Sumit Yadav, Mr. Karthik K.P, Mr. Devya Shah, Advocates i/b The Law Point for the Respondent No. 1 (SEBI).

i/b AZB & Partners for the Respondent No. 2 (NSE).

With

Appeal No. 427 of 2022

Infotech Financials Pvt. Ltd. & Ors.

… Appellants

Versus

Securities and Exchange Board of India &

Anr.

… Respondents

i/b Zerick Dastur Advocates for the Appellants.

Mr. Manish Chhangani, Advocate with Mr. Sumit Yadav, Mr. Karthik K.P, Mr. Devya Shah, Advocates i/b The Law Point for the Respondent No. 1 (SEBI).

i/b AZB & Partners for the Respondent No. 2 (NSE).

With

Appeal No. 560 of 2022

Ms. Chitra Ramkrishna

… Appellant

Versus

Securities and Exchange Board of India &

Anr.

… Respondents

Mr. Manish Chhangani, Advocate with Mr. Sumit Yadav, Mr. Karthik K.P, Mr. Devya Shah, Advocates i/b The Law Point for the Respondent No. 1 (SEBI).

i/b AZB & Partners for the Respondent No. 2 (NSE).