Securities Appellate Tribunal
Ajit Raghunath Parab vs NSEIL & Others on 28 October 2026
IN THE SECURITIES APPELLATE TRIBUNAL
AT MUMBAI
Date: 28.10.2026
Appeal No. 320 of 2025
[Along With Misc. Application Nos. 757 and 1143 of 2025]
Ajit Raghunath Parab
…Appellant
Versus
National Stock Exchange of India Limited & Ors.
Respondents
Mr. Mustafa Doctor, Senior Advocate with Mr. Varun Nathani, Advocate with Mr. Yash Sinha, Advocate i/b Trushar Goradia for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Mr. Ishan Agrawal, Mr. Kush Khandelwal, Mr. Ashutosh Mishra, Ms. Rasika Ghate, Mr. Prakshal Jain and Ms. Asmita Pandey, Advocates i/b Nyaayam Associates for Respondent No. 1.
Mr. Manish Chhangani, Advocate with Mr. Karthik K.P, Ms. Sanskrity Purohit and Mr. Devya Shah, Advocates i/b The Law Point for the Respondent No.
2-SEBI.
Mr. Joby Mathew, Advocate with Ms. Uttam Jaiswal, Advocate i/b Joby Mathew & Associates for Respondent No.
3.
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ORDER:
Mr. Mustafa Doctor, learned senior advocate made a specific reference to NSE’s letter dated 29.05.2025 (Ex-B) and Paragraph Nos. 4 and 5 of the additional affidavit dated 10.08.2026 filed by the NSE; and pointed out that the affidavit is not in compliance with our earlier direction in as much as it does not give the details as to how exactly the transfer was made.
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2. Mr. Jaikishan Lakhwani, learned advocate for the NSEIL submitted that Mr. Pradeep Sancheti, learned senior advocate has been briefed in the mater and he may be heard. In our view, it would be appropriate to direct the NSE to file an additional affidavit and precisely explain the process that was followed in distributing 10,26,300 shares.
3. Call on December 10, 2026.
Justice P. S. Dinesh Kumar Presiding Officer
Ms. Meera Swarup Technical Member
Dr. Dheeraj Bhatnagar Technical Member 28.10.2026 PK PRERNA MANISH KHARE Digitally signed by PRERNA MANISH KHARE Date: 2026.10.29 15:31:27 +05'30'