Securities Appellate Tribunal
Vistra ITCL India Limited vs SEBI on 28 September 2026
IN THE SECURITIES APPELLATE TRIBUNAL AT
MUMBAI
DATED THIS THE 28TH DAY OF SEPTEMBER, 2026
CORAM : Justice P. S. Dinesh Kumar, Presiding Officer Ms. Meera Swarup, Technical Member Dr. Dheeraj Bhatnagar, Technical Member
Appeal No. 541 of 2023
Between
Vistra ITCL (India) Limited
6th Floor, The IL&FS Financial Center,
Plot No. C-22, G Block,
Bandra Kurla Complex,
Bandra (East), Mumbai – 400 051.
…. Appellant
By Mr. Abishek Venkataraman, Advocate with Mr. Tomu Francis, Ms. Zarnaab Aswad, Ms. Manal Shah, Advocates i/b Khaitan & Co. for the Appellant.
And
Securities and Exchange Board of India
SEBI Bhavan, Plot No. C-4A, G Block,
Bandra Kurla Complex, Bandra (East),
Mumbai - 400 051.
…. Respondent
By Mr. Pradeep Sancheti, Senior Advocate with Mr. Mihir Mody, Mr.
Vijay
Chockalingam, Mr.
Aavish
Shetty,
Mr.
Sudhanshuman
Naruka,
Mr.
Vignesh
Narayanan,
Advocates i/b. M/s. K. Ashar & Co. for the Respondent.
THIS APPEAL IS FILED UNDER SECTION 15T OF SEBI
ACT, 1992 TO SET ASIDE ORDER DATED APRIL 24, 2023 (EX-A) PASSED BY WHOLE TIME MEMBER, SEBI.
THIS APPEAL COMING ON FOR HEARING THIS 28TH
DAY OF SEPTEMBER 2026, THIS TRIBUNAL PASSED
THE FOLLOWING:
Citations and Judicial Treatment
Cited by
0
Decisions in the index citing it
Cites
0
Decisions referred to
In this index
0
Of the decisions it cites
Overruled / Questioned
0
No negative treatment found
Loading the citing and cited decisions…
This judgment in the centre: on the left the decisions it cites, on the right the decisions citing it. Colour is the treatment; choose a decision to open it.
O R D E R
Per : Justice P. S. Dinesh Kumar, Presiding Officer (Oral)
We have heard Mr. Abishek Venkataraman, learned advocate for the Appellant and Mr. Pradeep Sancheti, learned Senior Advocate for the Respondent.
2. Appellant has challenged the directions contained in paragraph No. 53 of the impugned order dated 24.04.2023 passed by the WTM1, SEBI2.
3. Appellant has filed an affidavit dated 12.02.2026 stating that they have complied with the directions in paragraph Nos. 53 (i) (a) to (e) and (ii) of the impugned order.
4. Further, the direction in paragraph No. 53(v) of the impugned order reads thus :
"(v) Noticee no. 9, shall not take new assignments as trustee of Alternative Investment Fund of any category, for a period of three months. This direction shall come into force after 45 days from the date of this order."
1 Whole Time Member 2 Securities and Exchange Board of India
5. Mr. Venkataraman further submitted that so far as the direction contained in paragraph No. 53(v) is concerned, the appellant has stated in the affidavit that though stay was granted to the appellant by the Hon'ble Tribunal dated 05.07.2023, they have not taken up new assignments as trustee of Alternative Investment Fund, for the period of 3 months as directed by the SEBI. He prayed that this Appeal may be disposed of by holding that no further restraint is necessary.
6. Mr. Pradeep Sancheti, learned Senior Advocate for the SEBI submitted that appellant’s claim that they have suffered the restriction from accepting new assignment is self-serving. However, to a pointed question whether there is any material to show that they have accepted new assignment, he submitted that it is not possible to ascertain at this point of time.
7. In view of the above, in our opinion, it is just and appropriate to accept appellant's submissions made on oath and give quietus to the matter by holding that the period of restraint undergone by the appellant be treated as sufficient.
8. We make it clear that the disposal of this appeal holding the period of restraint as sufficient is in the peculiar facts and circumstances of the case and does not come in the way of the appellant from taking any new assignment.
9. Appeal stands disposed of in above terms. Pending interlocutory application(s), if any, stand disposed of.
No costs.
Justice P. S. Dinesh Kumar Presiding Officer
Ms. Meera Swarup Technical Member
Dr. Dheeraj Bhatnagar Technical Member 28.09.2026 VPM
MRS PRAMILA Digitally signed by MRS PRAMILA Date: 2026.10.07 15:03:57 +05'30'