Securities Appellate Tribunal
Zarir Rumi Patel vs Nseil on 15 December, 2025
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date: 15.12.2025
Appeal No. 326 of 2024
And
Misc. Application No. 465 of 2024
Zarir Rumi Patel ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agrawal,
FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Mr. Sunilkumar Pillai,
Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates
for the Respondent.
With
Appeal No. 327 of 2024
And
Misc. Application No. 468 of 2024
Ashish Ravindra Rao ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agrawal,
FCA for the Appellant.
Mr. Ishan Agrawal, Advocate with, Mr. Kush Khandelwal, Mr.
Ashutosh Mishra, Mr. Divakar Dadhich, Mr. Anshal Dhiman,
Advocates i/b Nyaayam Associates for the Respondent.
With
Appeal No. 353 of 2024
And
Misc. Application No. 398 of 2024
And
Misc. Application No. 399 of 2024
2
And
Misc. Application No. 400 of 2024
Pradip Advani ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agrawal,
FCA for the Appellant.
Mr. Ishan Agrawal, Advocate with, Mr. Kush Khandelwal, Mr.
Ashutosh Mishra, Mr. Divakar Dadhich, Mr. Anshal Dhiman,
Advocates i/b Nyaayam Associates for the Respondent.
With
Appeal No. 405 of 2024
Herman Diogo Dsouza ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agrawal,
FCA for the Appellant.
Mr. Ishan Agrawal, Advocate with, Mr. Kush Khandelwal, Mr.
Ashutosh Mishra, Mr. Divakar Dadhich, Mr. Anshal Dhiman,
Advocates i/b Nyaayam Associates for the Respondent.
With
Appeal No. 406 of 2024
And
Misc. Application No. 257 of 2024
Ishan Anand Madiwale ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agarwal,
FCA for the Appellant.
3
With
Appeal No. 407 of 2024
Sarbari Khan ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agrawal,
FCA for the Appellant.
Mr. Ishan Agrawal, Advocate with, Mr. Kush Khandelwal, Mr.
Ashutosh Mishra, Mr. Divakar Dadhich, Mr. Anshal Dhiman,
Advocates i/b Nyaayam Associates for the Respondent.
With
Appeal No. 408 of 2024
And
Misc. Application No. 300 of 2024
Ajithkumar Vasukutta Panicker ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agarwal,
FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Mr. Sunilkumar
Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
With
Appeal No. 409 of 2024
And
Misc. Application No. 308 of 2024
Priyadarshini Lobo ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
4
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agrawal,
FCA for the Appellant.
Mr. Ishan Agrawal, Advocate with, Mr. Kush Khandelwal, Mr.
Ashutosh Mishra, Mr. Divakar Dadhich, Mr. Anshal Dhiman,
Advocates i/b Nyaayam Associates for the Respondent.
With
Appeal No. 410 of 2024
Amit Nikam ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agrawal,
FCA for the Appellant.
Mr. Ishan Agrawal, Advocate with, Mr. Kush Khandelwal, Mr.
Ashutosh Mishra, Mr. Divakar Dadhich, Mr. Anshal Dhiman,
Advocates i/b Nyaayam Associates for the Respondent.
With
Appeal No. 411 of 2024
Jose Madan ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agarwal,
FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Mr. Sunilkumar
Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
With
Appeal No. 412 of 2024
And
Misc. Application No. 371 of 2024
5
Yasmin Desai ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agarwal,
FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Mr. Sunilkumar
Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
With
Appeal No. 413 of 2024
Lourdes Fernandes ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agrawal,
FCA for the Appellant.
Mr. Ishan Agrawal, Advocate with, Mr. Kush Khandelwal, Mr.
Ashutosh Mishra, Mr. Divakar Dadhich, Mr. Anshal Dhiman,
Advocates i/b Nyaayam Associates for the Respondent.
With
Appeal No. 414 of 2024
And
Misc. Application No. 379 of 2024
Nikhil Fernandes ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agrawal,
FCA for the Appellant.
6
Mr. Ishan Agrawal, Advocate with, Mr. Kush Khandelwal, Mr.
Ashutosh Mishra, Mr. Divakar Dadhich, Mr. Anshal Dhiman,
Advocates i/b Nyaayam Associates for the Respondent.
With
Appeal No. 446 of 2024
And
Misc. Application No. 601 of 2024
And
Misc. Application No. 765 of 2024
Yogesh Kumar Sharma ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agrawal,
FCA for the Appellant.
, Advocate i/b Parinam Law Associates for the Respondent.
With
Appeal No. 450 of 2024
And
Misc. Application No. 660 of 2024
And
Misc. Application No. 661 of 2024
Dominic Lawrence Silverira ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agrawal,
FCA for the Appellant.
, Advocate i/b Parinam Law Associates for the Respondent.
With
Appeal No. 451 of 2024
And
Misc. Application No. 663 of 2024
Ulrica Dias ..... Appellant
7
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agrawal,
FCA for the Appellant.
, Advocate i/b Parinam Law Associates for the Respondent.
With
Appeal No. 452 of 2024
And
Misc. Application No. 664 of 2024
And
Misc. Application No. 665 of 2024
Wilson Marcus Guilherme Mascarenhas ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agrawal,
FCA for the Appellant.
, Advocate i/b Parinam Law Associates for the Respondent.
With
Appeal No. 471 of 2024
And
Misc. Application No. 472 of 2024
Jigna Bimal Mistry ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agrawal,
FCA for the Appellant.
Mr. Rashid Boatwalla, Advocate with Mr. Pranav Kethineni,
Advocate i/b Manilal Kher Ambalal & Co. for the Respondent.
8
With
Appeal No. 489 of 2024
And
Misc. Application No. 396 of 2024
Jesly John ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agrawal,
FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Mr. Sunilkumar
Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
With
Appeal No. 490 of 2024
Narayan Naikare ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agrawal,
FCA for the Appellant.
Mr. Ishan Agrawal, Advocate with, Mr. Kush Khandelwal, Mr.
Ashutosh Mishra, Mr. Divakar Dadhich, Mr. Anshal Dhiman,
Advocates i/b Nyaayam Associates for the Respondent.
With
Appeal No. 491 of 2024
Ranjit Merces Sousa ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
9
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agrawal,
FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Mr. Sunilkumar
Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
With
Appeal No. 492 of 2024
And
Misc. Application No. 552 of 2024
Ayitha Swarnamba ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agrawal,
FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Mr. Sunilkumar
Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
With
Appeal No. 501 of 2024
And
Misc. Application No. 815 of 2024
Arati Harikumar ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agrawal,
FCA for the Appellant.
Mr. Ishan Agrawal, Advocate with, Mr. Kush Khandelwal, Mr.
Ashutosh Mishra, Mr. Divakar Dadhich, Mr. Anshal Dhiman,
Advocates i/b Nyaayam Associates for the Respondent.
10
With
Appeal No. 515 of 2024
And
Misc. Application No. 868 of 2024
And
Misc. Application No. 869 of 2024
Kriti Garg ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agarwal,
FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Mr. Sunilkumar
Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
With
Appeal No. 516 of 2024
And
Misc. Application No. 872 of 2024
And
Misc. Application No. 873 of 2024
Parikshit Govind Lalvani ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agarwal,
FCA for the Appellant.
Mr. Ishan Agrawal, Advocate with, Mr. Kush Khandelwal, Mr.
Ashutosh Mishra, Mr. Divakar Dadhich, Mr. Anshal Dhiman,
Advocates i/b Nyaayam Associates for the Respondent.
With
Appeal No. 555 of 2024
And
Misc. Application No. 987 of 2024
And
Misc. Application No. 988 of 2024
11
Maria Fatima Dasilva Gracias ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agrawal,
FCA for the Appellant.
Mr. Ishan Agrawal, Advocate with, Mr. Kush Khandelwal, Mr.
Ashutosh Mishra, Mr. Divakar Dadhich, Mr. Anshal Dhiman,
Advocates i/b Nyaayam Associates for the Respondent.
With
Appeal No. 628 of 2024
And
Misc. Application No. 1079 of 2024
And
Misc. Application No. 1080 of 2024
Rajrishi Girish Dave ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agrawal,
FCA for the Appellant.
Mr. Ishan Agrawal, Advocate with, Mr. Kush Khandelwal, Mr.
Ashutosh Mishra, Mr. Divakar Dadhich, Mr. Anshal Dhiman,
Advocates i/b Nyaayam Associates for the Respondent.
With
Appeal No. 655 of 2024
And
Misc. Application No. 1077 of 2024
And
Misc. Application No. 1078 of 2024
Rahul Katariya ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
12
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agrawal,
FCA for the Appellant.
Mr. Ishan Agrawal, Advocate with, Mr. Kush Khandelwal, Mr.
Ashutosh Mishra, Mr. Divakar Dadhich, Mr. Anshal Dhiman,
Advocates i/b Nyaayam Associates for the Respondent.
With
Appeal No. 667 of 2024
And
Misc. Application No. 1153 of 2024
And
Misc. Application No. 1154 of 2024
Antony Kundukulangara Devassy ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agrawal,
FCA for the Appellant.
Mr. Ishan Agrawal, Advocate with, Mr. Kush Khandelwal, Mr.
Ashutosh Mishra, Mr. Divakar Dadhich, Mr. Anshal Dhiman,
Advocates i/b Nyaayam Associates for the Respondent.
With
Appeal No. 64 of 2025
And
Misc. Application No. 1360 of 2024
And
Misc. Application No. 1361 of 2024
Sujata A Sequeira ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agarwal,
FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Mr. Sunilkumar
Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
13
With
Appeal No. 65 of 2025
And
Misc. Application No. 1362 of 2024
And
Misc. Application No. 1363 of 2024
Chitra Fernando ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agarwal,
FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Mr. Sunilkumar
Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
With
Appeal No. 66 of 2025
And
Misc. Application No. 1364 of 2024
And
Misc. Application No. 1365 of 2024
Hirak Bhattacharjee ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agarwal,
FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Mr. Sunilkumar
Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
With
Appeal No. 67 of 2025
And
Misc. Application No. 1366 of 2024
14
Meenakshi Vijay Petkar ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agarwal,
FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Mr. Sunilkumar
Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
With
Appeal No. 68 of 2025
And
Misc. Application No. 1376 of 2024
And
Misc. Application No. 1377 of 2024
Amish Banker ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agarwal,
FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Mr. Sunilkumar
Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
With
Appeal No. 69 of 2025
And
Misc. Application No. 1378 of 2024
And
Misc. Application No. 1379 of 2024
Clinton Philip Crasto ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
15
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agarwal,
FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Mr. Sunilkumar
Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
With
Appeal No. 75 of 2025
Santosh Narayanan Nair ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agarwal,
FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Mr. Sunilkumar
Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
With
Appeal No. 76 of 2025
Jolly Rodrigues ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agarwal,
FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Mr. Sunilkumar
Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
With
Appeal No. 77 of 2025
16
Jayanta Guha ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agarwal,
FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Mr. Sunilkumar
Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
With
Appeal No. 78 of 2025
Anil Maruti Bhogate ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agarwal,
FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Mr. Sunilkumar
Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
With
Appeal No. 79 of 2025
John Mathew ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agarwal,
FCA for the Appellant.
17
Mr. Jaikishan Lakhwani, Advocate with Mr. Sunilkumar
Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
With
Appeal No. 80 of 2025
Rukaiya Rafeedhen Sultan ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agarwal,
FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Mr. Sunilkumar
Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
With
Appeal No. 87 of 2025
Falguni H. Lahar ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agarwal,
FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Mr. Sunilkumar
Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
With
Appeal No. 90 of 2025
And
Misc. Application No. 8 of 2025
S. Veerachamy ..... Appellant
18
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agarwal,
FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Mr. Sunilkumar
Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
With
Appeal No. 91 of 2025
And
Misc. Application No. 70 of 2025
And
Misc. Application No. 71 of 2025
Louis Gonsalves ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agarwal,
FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Mr. Sunilkumar
Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
With
Appeal No. 92 of 2025
And
Misc. Application No. 133 of 2025
And
Misc. Application No. 132 of 2025
Walter Benard Gomes ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
19
Mr. Saurabh Bhachawat, Advocate with Mr. Kamal Agarwal,
FCA for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Mr. Sunilkumar
Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
With
Appeal No. 151 of 2025
Manoj Madhav Datir ..... Appellant
Versus
National Stock Exchange of India Ltd. ... Respondent
Mr. Sandesh R. Shukla, Advocate with Ms. Anasamah Sayed
Advocate i/b Mr. Mithun Khaire, Advocate for the Appellant.
Mr. Jaikishan Lakhwani, Advocate with Mr. Sunilkumar
Pillai, Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
ORDER :
1. By consent, call on February 18, 2026 at 2:30 p.m. Justice P. S. Dinesh Kumar Presiding Officer Ms. Meera Swarup Technical Member Dr. Dheeraj Bhatnagar Technical Member 15.12.2025 MRS Digitally signed by MRS PRAMILA PRAMILA Date: 2025.12.16 16:57:26 +05'30' PTM