Securities Appellate Tribunal
Vivek Chauhan vs SEBI on 30 September 2026
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BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI
Date : 30.09.2026
Appeal No. 360 of 2025
Vivek Chauhan ….. Appellant
Versus
Securities & Exchange Board of India … Respondent
Appellant.
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 310 of 2025 And Misc. Application No. 721 of 2025 And Misc. Application No. 1080 of 2025
M/s Wessel Consultancy Private Ltd. ….. Appellant
Versus
Securities & Exchange Board of India … Respondent
i/b R G Lawz for the Appellant.
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 311 of 2025 And Misc. Application No. 928 of 2025
Anshu Aggarwal ….. Appellant
Versus
Securities & Exchange Board of India … Respondent
Mr. Vikas Bengani, Advocate for the Appellant.
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 318 of 2025
Arshad Hussain Warsi & Ors. ….. Appellants
Versus
Securities and Exchange Board of India … Respondent
Mr. Vivek Punjabi, Advocate with Mr. Sahil Panjwani, Mr. Ritik Gupta, Advocates for the Appellants.
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 322 of 2025 And Misc. Application No. 716 of 2026
Swati Agarwal ….. Appellant
Versus
Securities & Exchange Board of India … Respondent
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh
Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 323 of 2025 And Misc. Application No. 714 of 2026
Vijay Sureshbhai Udhani & Anr. ….. Appellants
Versus
Securities & Exchange Board of India … Respondent
Mr. Vikas Bengani, Advocate for the Appellants.
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 325 of 2025 And Misc. Application No. 715 of 2026
Mayank Kumar Agarwal ….. Appellant
Versus
Securities & Exchange Board of India … Respondent
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 328 of 2025 And Misc. Application No. 771 of 2025 And Misc. Application No. 772 of 2025 And Misc. Application No. 1201 of 2025
Sunil Goel & Ors. ….. Appellants
Versus
Securities & Exchange Board of India … Respondent
Mr. Kushal Shah, CA with Dr. Keyur Shah, Advocate i/b Prakash Shah & Associates for the Appellants.
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 339 of 2025 And Misc. Application No. 723 of 2026
Krunal Chavda ….. Appellant
Versus
Securities & Exchange Board of India … Respondent
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 340 of 2025
Varun Media Private Limited ….. Appellant
Versus
Securities & Exchange Board of India … Respondent
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 342 of 2025
Mr. Lokesh Kumar Shah ….. Appellant
Versus
Securities & Exchange Board of India … Respondent
, Advocate i/b Mindspright Legal for the Appellant.
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 346 of 2025
Jatin Manubhai Shah ….. Appellant
Versus
Securities & Exchange Board of India … Respondent
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 352 of 2025 And Misc. Application No. 105 of 2026
Subhash Agarwal ….. Appellant
Versus
Securities & Exchange Board of India … Respondent
Ms. Akansha Jain, PCS for the Appellant.
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 361 of 2025
Mr. Dipak Dwiwedi ….. Appellant
Versus
Securities & Exchange Board of India … Respondent
Appellant.
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 366 of 2025
Heli Jatin Shah & Ors. ….. Appellants
Versus
Securities & Exchange Board of India … Respondent
Mr. Vikas Bengani, Advocate for the Appellants.
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 367 of 2025 And Misc. Application No. 713 of 2026
Renuka Aggarwal ….. Appellant
Versus
Securities & Exchange Board of India … Respondent
Ms. Akansha Jain, PCS for the Appellant.
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 391 of 2025 And Misc. Application No. 719 of 2026
Kavita Shah & Anr. ….. Appellants
Versus
Securities & Exchange Board of India … Respondent
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 392 of 2025 And Misc. Application No. 725 of 2026
Ramesh Kumar Shah & Anr.
Versus
Securities & Exchange Board of India … Respondent
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 394 of 2025 And Misc. Application No. 421 of 2026
Mohit Sarawagi ….. Appellant
Versus
Securities & Exchange Board of India … Respondent
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 395 of 2025 And Misc. Application No. 727 of 2026
Nitin Sanghi & Anr. ….. Appellants
Versus
Securities & Exchange Board of India … Respondent
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 397 of 2025 And Misc. Application No. 949 of 2025 And Misc. Application No. 950 of 2025 And Misc. Application No. 422 of 2026
Mr. Naresh Kumar ….. Appellant
Versus
Securities & Exchange Board of India … Respondent
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 400 of 2025 And Misc. Application No. 423 of 2026 And Misc. Application No. 424 of 2026
Purav Bharatbhai Patel ….. Appellant
Versus
Securities & Exchange Board of India … Respondent
Mr. Parimal M. Akhaja, Advocate for the Appellant.
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 401 of 2025
Mr. Manish Mishra ….. Appellant
Versus
Securities & Exchange Board of India … Respondent
Appellant.
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 402 of 2025 And Misc. Application No. 721 of 2026
Anshu Mishra ….. Appellant
Versus
Securities & Exchange Board of India … Respondent
Appellant.
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 405 of 2025 And Misc. Application No. 726 of 2026
Angad M. Rathod ….. Appellant
Versus
Securities & Exchange Board of India … Respondent
Mr. Vikas Bengani, Advocate for the Appellant.
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 408 of 2025 And Misc. Application No. 993 of 2025 And Misc. Application No. 1026 of 2025 And Misc. Application No. 729 of 2026
Saurabh Gupta ….. Appellant
Versus
Securities & Exchange Board of India … Respondent
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 419 of 2025 And Misc. Application No. 728 of 2026
Gaurav Gupta & Ors. … Appellants
Versus
Securities and Exchange Board of India … Respondent
Advocate i/b Karan Mastakai & Associates for the Appellants.
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 446 of 2025 And Misc. Application No. 743 of 2026
Sadhna Bio Oils Pvt. Ltd. … Appellant
Versus
Securities and Exchange Board of India … Respondent
Advocate i/b Karan Mastakai & Associates for the Appellant.
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 449 of 2025 And Misc. Application No. 724 of 2026
Yogesh Kumar Gupta … Appellant
Versus
Securities and Exchange Board of India … Respondent
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 450 of 2025 And Misc. Application No. 722 of 2026
Sulabh Dikshit … Appellant
Versus
Securities and Exchange Board of India … Respondent
Ms. Aditi, Advocate for the Appellant.
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 455 of 2025 And Misc. Application No. 731 of 2026
Arpan Gupta … Appellant
Versus
Securities and Exchange Board of India … Respondent
Mr. Rajesh Ranjan, Advocate for the Appellant.
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 456 of 2025 And Misc. Application No. 717 of 2026
Virtual business Solutions Pvt. Ltd. … Appellant
Versus
Securities and Exchange Board of India … Respondent
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 471 of 2025 And Misc. Application No. 1383 of 2025
Bhim Singh Chaoudhary … Appellant
Versus
Securities and Exchange Board of India … Respondent
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh
Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 481 of 2025
Peeyush Agarwal … Appellant
Versus
Securities and Exchange Board of India … Respondent
Mr. Nirmal Chopda, Advocate i/b Vraj Legal for the Appellant.
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 482 of 2025 And Misc. Application No. 741 of 2026
Neha Agarwal … Appellant
Versus
Securities and Exchange Board of India … Respondent
Mr. Nirmal Chopda, Advocate i/b Vraj Legal for the Appellant.
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 487 of 2025
S. M. R. Leasing & Finance Ltd. … Appellant
Versus
Securities and Exchange Board of India … Respondent
Ms. Dhwani Bagdai, Advocate i/b for the Appellant.
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 499 of 2025 And Misc. Application No. 718 of 2026
Sachin Kumar Bhagvandas Sahu … Appellant
Versus
Securities and Exchange Board of India … Respondent
Ms. Poorvi Pramod Jain, CS for the Appellant.
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 506 of 2025 And Misc. Application No. 732 of 2026
Aahuti Rasik Mistry … Appellant
Versus
Securities and Exchange Board of India … Respondent
Advocate i/b Victoriam Legalis for the Appellant.
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 14 of 2026
Paras Shah … Appellant
Versus
Securities and Exchange Board of India … Respondent
Ms. Yashika Kaushik, Advocate for the Appellant.
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 15 of 2026
Megnesh Bala … Appellant
Versus
Securities and Exchange Board of India … Respondent
Mr. Harish Malik, Advocate for the Appellant.
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
With Appeal No. 18 of 2026 And Misc. Application No. 1 of 2026 And Misc. Application No. 2 of 2026 And Misc. Application No. 3 of 2026
Pooja Aggarwal … Appellant
Versus
Securities and Exchange Board of India … Respondent
Mr. Mihir Mody, Advocate with Mr. Vijay Chockalingam, Mr. Aavish Shetty, Mr. Sudhanshuman Naruka, Mr. Vignesh
Narayanan, Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
ORDER :
1. Mr. Mihir Mody, learned advocate for the respondent submits that in this batch of appeals SEBI has to file reply in some of the cases and in some of the appeals, appellants have to file rejoinder. As prayed for, two weeks granted to file reply wherever reply is required and two weeks thereafter to file rejoinder. By consent, call on December 8, 2026.
Justice P. S. Dinesh Kumar Presiding Officer
Ms. Meera Swarup Technical Member
Dr. Dheeraj Bhatnagar Technical Member 30.09.2026 PTM MRS PRAMILA Digitally signed by MRS PRAMILA Date: 2026.10.01 14:34:29 +05'30'