Securities Appellate Tribunal
Aayush Tanwar vs SECURITIES AND EXCHANGE BOARD OF INDIA on 30 October 2026
IN THE SECURITIES APPELLATE TRIBUNAL
AT MUMBAI
Date: 30.10.2026
Appeal No. 385 of 2026
[Along with Misc. Application Nos. 1045 of 2026, 1046 of 2026 and 1047 of 2026]
Aayush Tanwar
…Appellant
Versus
Securities and Exchange Board of India …Respondent
Mr. Sahil Panjwani, 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.
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ORDER:
For the reasons stated therein, Misc. Application No. 1046 of 2026 for condonation of delay of 55 days in filing this appeal is allowed and disposed of.
2. Misc. Application No. 1047 of 2026 for exemption is allowed and disposed of.
3. Admit.
4. Respondent is allowed six weeks to file reply. Rejoinder, if any, be filed within three weeks.
5. Learned Advocate for the appellant submits that appellant is prepared to deposit 50% penalty and disgorgement amount and prays that the recovery may be stayed. He further prays that the appellant may permitted to liquidate the shares for the purpose of making the said payment. Prayer accepted.
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6. There shall be stay of recovery subject to deposit of 50% penalty and disgorgement amount within four weeks from today and SEBI shall keep the same in an interest bearing account. Accordingly, Misc. Application No. 1045 of 2026 disposed of.
7. Post along with Appeal No. 371 of 2026 on December 09, 2026.
Justice P. S. Dinesh Kumar Presiding Officer
Ms. Meera Swarup Technical Member
Dr. Dheeraj Bhatnagar Technical Member 30.10.2026 KVP
PRERNA MANISH KHARE Digitally signed by PRERNA MANISH KHARE Date: 2026.11.04 12:01:56 +05'30'