National Spot Exchange Limited vs SEBI & Another on 29 October 2026

BEFORE THE SECURITIES APPELLATE TRIBUNAL

MUMBAI

Date : 29.10.2026

Appeal No. 1 of 2023

And

Misc. Application No. 413 of 2023

Versus

Securities and Exchange Board of India

& Anr.

Mr. Harit Lakhani, Advocate with Ms. Anushka Bhardwaj, Advocate i/b Shardul Amarchand Mangaldas & Co. for the Respondent Nos. 2 (Anand Rathi).

With

Versus

Securities and Exchange Board of India

& Anr.

Ms. Richa Seth, Advocate i/b RHP Partners for the Respondent Nos. 2 (Motilal Oswal).

With

Versus

Securities and Exchange Board of India

& Anr.

Mr. Chirag Shah, Advocate with Mr. Robin Shah, Advocate i/b Bodhi Legal for the Respondent Nos. 2 (Geofin Com.).

With

Versus

Securities and Exchange Board of India

& Anr.

Ms. Aparna Wagle, Advocate i/b Alliance Law for the Respondent Nos. 2 (India Infoline).

With

Versus

Securities and Exchange Board of India

& Anr.

None for the Respondent Nos. 2 (Philip Commodity).

With

Appeal No. 179 of 2023

IIFL Commodities Ltd.

….. Appellant

Versus

Securities and Exchange Board of India

… Respondent

Ms. Aparna Wagle, Advocate i/b Alliance Law Advocates for the Appellant.

Respondent.

With

Appeal No. 180 of 2023

Philips Commodities India Pvt. Ltd.

….. Appellant

Versus

Securities and Exchange Board of India

… Respondent

Mr. Kushal Shah, CA and Dr. Keyur Shah, Advocate i/b Prakash Shah & Associates for the Appellant.

Respondent.

With

Appeal No. 181 of 2023

Anand Rathi Commodities Ltd.

….. Appellant

Versus

Securities and Exchange Board of India

… Respondent

Mr. Harit Lakhani, Advocate with Ms. Anushka Bhardwaj, Advocate i/b Shardul Amarchand Mangaldas & Co. for the Appellant.

Respondent.

With

Appeal No. 182 of 2023

And

Misc. Application No. 189 of 2023

Motilal Oswal Commodities Broker Pvt.

Ltd.

….. Appellant

Versus

Securities and Exchange Board of India

… Respondent

Ms. Richa Seth, Advocate i/b RHP Partners for the Appellant.

Respondent.

With

Appeal No. 192 of 2023

Geofin Comtrade Ltd.

….. Appellant

Versus

Securities and Exchange Board of India

… Respondent

Mr. Chirag Shah, Advocate with Mr. Robin Shah, Advocate i/b Bodhi Legal for the Appellant.

Respondent.