Securities Appellate Tribunal
Proficient Commodities Pvt. Ltd. vs SEBI on 19 December 2025
IN THE SECURITIES APPELLATE TRIBUNAL AT
MUMBAI
DATED THIS THE 19TH DAY OF DECEMBER, 2025
CORAM : Justice P. S. Dinesh Kumar, Presiding Officer Dr. Dheeraj Bhatnagar, Technical Member
Appeal No. 546 of 2025
And
Misc. Application No. 1351 of 2025
And
Misc. Application No. 1352 of 2025
And
Misc. Application No. 1353 of 2025
Between
Proficient Commodities Pvt. Ltd.
23, R. N. Mukherjee Road,
BNCCI House,
4th Floor, Kolkata – 700001.
…. Appellant
By Mr. Vikas Bengani, Advocate 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. Mihir Mody, Advocate with Mr. Karthik K. P., Mr.
Vijay Chockalingam, Mr. Aavish Shetty, Advocates i/b K
Ashar & Co. for the Respondent.
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THIS APPEAL IS FILED UNDER SECTION 15T OF SEBI
ACT, 1992 TO SET ASIDE ORDER DATED DECEMBER 6, 2023 (EX-A) PASSED BY WTM, SEBI.
THIS APPEAL COMING ON FOR HEARING THIS 19TH
DAY OF DECEMBER 2025, THIS TRIBUNAL PASSED
THE FOLLOWING:
O R D E R
Per : Justice P. S. Dinesh Kumar, Presiding Officer (Oral)
This appeal is directed against order dated December 6, 2023 passed by the WTM, SEBI suspending appellant’s registration for a period of three months. Shri Vikas Bengani, learned advocate for the appellant submitted that the appellant has already surrendered / applied for surrender of its registration and the impugned order is passed in 2023. He submitted that appellant would be satisfied if an opportunity is granted to apply for NSEL Settlement Scheme, 2025.
2. There is a delay of 695 days in filing this appeal. In any event, the appellant desires to approach SEBI for NSEL Settlement Scheme, 2025. In the facts of this case, we are of the opinion that an opportunity must be granted to the appellant to apply for settlement.
3. Accordingly, this appeal is taken up for final disposal with the consent of both the parties at the stage of admission and disposed of with liberty to the appellant to apply for settlement before the authority concerned. If an application is filed, the authority shall accept the settlement
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application in terms of NSEL Settlement Scheme, 2025 as an application filed in a pending proceeding and pass appropriate orders in accordance with law.
4. Interlocutory application(s), if any, stand disposed of. No costs.
Justice P. S. Dinesh Kumar Presiding Officer
Dr. Dheeraj Bhatnagar Technical Member
19.12.2025 PTM
MRS PRAMILA Digitally signed by MRS PRAMILA Date: 2025.12.22 14:02:10 +05'30'
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