IL & FS Securities Services Limited vs SEBI on 5 November 2026

IN THE SECURITIES APPELLATE TRIBUNAL

AT MUMBAI

Date: 05.11.2026

Appeal No. 575 of 2021

[Along with Misc. Application No. 711 of 2026]

IL & FS Securities Services Limited …Appellant

Versus

Securities and Exchange Board of India

…Respondent

Mr. Shrey Sancheti, Advocate with Mr. Niket Mehta and Mr. Varun Udhwani, Advocates i/b Cycril Amarchand Mangaldas, for the Appellant.

Ms. Anubha Rastogi, Advocate with Ms. Nidhi Singh, Ms. Nidhi Faganiya, Mr. Arav Doss and Ms. Sanjana Kumari, Advocates i/b Vidhii Partners, for the Respondent.

With

[Along with Misc. Application No. 99 of 2024]

IL & FS Securities Services Limited …Appellant

Versus

NSE Clearing Limited

…Respondent

Mr. Shrey Sancheti, Advocate with Mr. Niket Mehta and Mr. Varun Udhwani, Advocates i/b Cycril Amarchand Mangaldas, for the Appellant.

Mr. Pesi Modi, Senior Advocate with Ms. Kalpana Desai, Mr. K. C. Jacob and Mr. Shourya Tanay, Advocates i/b Economic Laws Practice, for the Respondent.

2

And

[Along with Misc. Application Nos. 1439 of 2021, 543 of 2022, 566 of 2025 and 710 of 2026]

Allied Financial Services Private Limited & Anr. …Appellants

Versus

Securities and Exchange Board of India …Respondent

Mr. Satyam Gyan, Advocate for the Appellants.

Ms. Anubha Rastogi, Advocate with Ms. Nidhi Singh, Ms. Nidhi Faganiya, Mr. Arav Doss and Ms. Sanjana Kumari, Advocates i/b Vidhii Partners, for the Respondent.