Securities Appellate Tribunal
Sapan Kumar Agarwal vs SECURITIES AND EXCHANGE BOARD OF INDIA on 23 October 2026
IN THE SECURITIES APPELLATE TRIBUNAL
AT MUMBAI
Date: 23.10.2026
Appeal No. 366 of 2026
[Along with Misc. Application Nos. 995 of 2026, 996 of 2026
and 997 of 2026.]
Sapan Kumar Agarwal …Appellant
Versus
Securities and Exchange Board of India …Respondent
Mr. Neville Lashkari, Advocate i/b Mr. Sukrut Mhatre, Advocate for the Appellant.
Ms. Nidhi Singh, Advocate with Ms. Nidhi Faganiya, Mr. Arav Doss and Ms. Sanjana Kumari, Advocates i/b Vidhii Partners for the Respondent.
ORDER:
Heard Mr. Neville Lashkari, learned Advocate for the Appellant.
2. Admit.
3. For the reasons stated in Misc. Application No. 996 of 2026, delay of 52 days is condoned and the application is disposed of.
4. Respondent is allowed six weeks to file reply. Rejoinder, if any, be filed within three weeks thereafter.
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5. Mr. Neville Lashkari prays for stay of impugned order subject to the deposit of full disgorgement amount and full penalty within four weeks as granted by this Tribunal in similar cases. Learned Advocate for the Respondent has no objection.
6. There shall be stay of impugned order subject to deposit of full disgorgement and full penalty amount within four weeks from today. The same shall be kept in an interest- bearing account. Misc. Application No. 995 of 2026 disposed of.
7. Post along with Appeal No. 340 of 2026 on December 09, 2026.
Justice P. S. Dinesh Kumar Presiding Officer
Ms. Meera Swarup Technical Member
Dr. Dheeraj Bhatnagar Technical Member 23.10.2026 KVP
PRERNA MANISH KHARE Digitally signed by PRERNA MANISH KHARE Date: 2026.10.26 18:00:47 +05'30'
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