Hasina Kasambhai Shekh vs Securities and Exchange Board of India on 16 October 2026

ORDER:

Ms. Arti Raghavan, learned Advocate for the appellant submitted that the order impugned in this appeal is also challenged in Appeal No. 264 of 2026 and connected appeals and seeks a similar interim order.

2. She submitted that the Misc. Application No. 963 of 2026 for stay was not heard but the order sheet shows that it has been disposed of on 05.10.2026. Mr. Rai does not dispute the said submission. Accordingly, order dated 05.10.2026 is recalled. Misc. Application No. 963 of 2026 is restored on board.

3. Heard. Recovery of disgorgement and penalty amounts shall remain stayed subject to deposit of 50% of penalty individually and 50% of disgorgement amount either jointly or severally with the SEBI within four weeks from today. The same shall be kept in an interest-bearing account.

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4. As prayed by Ms. Arti Raghavan, it is clarified that if 50% of Rs. 18.68 Crore directed be disgorged, is paid by any noticee either individually or jointly in the HCE Group, it shall inure to the benefit of all in the group. The appellant shall be permitted to access her bank accounts including the fixed deposits and the demat accounts for the purpose of making the deposit.

5. Misc. Application No. 963 of 2026 is disposed of.

6. Call on 09.12.2026.

Justice P.S. Dinesh Kumar

Presiding Officer

Ms. Meera Swarup Technical Member

Dr. Dheeraj Bhatnagar Technical Member 16.10.2026 msb

MADHUKAR BHALBAR Digitally signed by MADHUKAR BHALBAR Date: 2026.10.23 11:31:14 +05'30'