Securities Appellate Tribunal
Zarir Rumi Patel vs Nseil on 13 October, 2025
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date : 13.10.2025
Appeal No. 326 of 2024
[Along with Misc. Application No. 465 of 2024]
Zarir Rumi Patel ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Jaikishan Lakhwani with Mr. Sunilkumar Pillai and
Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates
for the Respondent.
WITH
Appeal No. 327 of 2024
[Along with Misc. Application No. 468 of 2024]
Ashish Ravindra Rao ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Ishan Agrawal with Mr. Kush Khandelwal, Mr. Ashutosh
Mishra, Mr. Divakar Dadhich, Mr. Gandharv Garg, Anshal
Dhiman and Mr. Shubham Jagtap, Advocates i/b Nyaayam
Associates for the Respondent.
WITH
Appeal No. 353 of 2024
[Along with Misc. Application Nos. 398, 399 & 400 of 2024]
Pradeep Advani ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
2
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Ishan Agrawal with Mr. Kush Khandelwal, Mr. Ashutosh
Mishra, Mr. Divakar Dadhich, Mr. Gandharv Garg, Anshal
Dhiman and Mr. Shubham Jagtap, Advocates i/b Nyaayam
Associates for the Respondent.
WITH
Appeal No. 405 of 2024
Herman Diogo Dsouza ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Ishan Agrawal with Mr. Kush Khandelwal, Mr. Ashutosh
Mishra, Mr. Divakar Dadhich, Mr. Gandharv Garg, Anshal
Dhiman and Mr. Shubham Jagtap, Advocates i/b Nyaayam
Associates for the Respondent.
WITH
Appeal No. 406 of 2024
[Along with Misc. Application No. 257 of 2024]
Ishan Anand Madiwale ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Shlok Bodas and Mr. Divyanshu Gupta, Advocates i/b
Parinam Law Associates for the Respondent.
WITH
Appeal No. 407 of 2024
Sarbari Khan ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
3
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Ishan Agrawal with Mr. Kush Khandelwal, Mr. Ashutosh
Mishra, Mr. Divakar Dadhich, Mr. Gandharv Garg, Anshal
Dhiman and Mr. Shubham Jagtap, Advocates i/b Nyaayam
Associates for the Respondent.
WITH
Appeal No. 408 of 2024
[Along with Misc. Application No. 300 of 2024]
Ajithkumar Vasukutta Panicker ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Jaikishan Lakhwani with Mr. Sunilkumar Pillai and
Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates
for the Respondent.
WITH
Appeal No. 409 of 2024
[Along with Misc. Application No. 308 of 2024]
Priyadarshini Lobo ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Ishan Agrawal with Mr. Kush Khandelwal, Mr. Ashutosh
Mishra, Mr. Divakar Dadhich, Mr. Gandharv Garg, Anshal
Dhiman and Mr. Shubham Jagtap, Advocates i/b Nyaayam
Associates for the Respondent.
4
WITH
Appeal No. 410 of 2024
Amit Nikam ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Ishan Agrawal with Mr. Kush Khandelwal, Mr. Ashutosh
Mishra, Mr. Divakar Dadhich, Mr. Gandharv Garg, Anshal
Dhiman and Mr. Shubham Jagtap, Advocates i/b Nyaayam
Associates for the Respondent.
WITH
Appeal No. 411 of 2024
Jose Madan ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Jaikishan Lakhwani with Mr. Sunilkumar Pillai and
Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates
for the Respondent.
WITH
Appeal No. 412 of 2024
[Along with Misc. Application No. 371 of 2024]
Yasmin Desai ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Jaikishan Lakhwani with Mr. Sunilkumar Pillai and
Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates
for the Respondent.
5
WITH
Appeal No. 413 of 2024
[Along with Misc. Application No. 373 of 2024]
Lourdes Fernandes ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Ishan Agrawal with Mr. Kush Khandelwal, Mr. Ashutosh
Mishra, Mr. Divakar Dadhich, Mr. Gandharv Garg, Anshal
Dhiman and Mr. Shubham Jagtap, Advocates i/b Nyaayam
Associates for the Respondent.
WITH
Appeal No. 414 of 2024
[Along with Misc. Application No. 379 of 2024]
Nikhit Fernandes ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Ishan Agrawal with Mr. Kush Khandelwal, Mr. Ashutosh
Mishra, Mr. Divakar Dadhich, Mr. Gandharv Garg, Anshal
Dhiman and Mr. Shubham Jagtap, Advocates i/b Nyaayam
Associates for the Respondent.
WITH
Appeal No. 446 of 2024
[Along with Misc. Application Nos. 601 & 765 of 2024]
Yogesh Kumar Sharma ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
6
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Ms. Jahnavi Bhatiya i/b Parinam Law Associates for the
Respondent.
WITH
Appeal No. 450 of 2024
[Along with Misc. Application Nos. 660 & 661 of 2024]
Dominic Lawrence Silveria ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Ms. Jahnavi Bhatiya i/b Parinam Law Associates for the
Respondent.
WITH
Appeal No. 451 of 2024
[Along with Misc. Application No. 663 of 2024]
Ulrica Dias ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Ms. Jahnavi Bhatiya i/b Parinam Law Associates for the
Respondent.
WITH
Appeal No. 452 of 2024
[Along with Misc. Application Nos . 664 & 665 of 2024]
Wilson Marcus Guilherme Mascarenhas ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
7
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Ms. Jahnavi Bhatiya i/b Parinam Law Associates for the
Respondent.
WITH
Appeal No. 471 of 2024
[Along with Misc. Application No. 472 of 2024]
Jigna Bimal Mistry ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Rashid Boatwalla with Mr. Siddharth Yewale, Advocates
i/b MKA & Co. for Respondent.
WITH
Appeal No. 489 of 2024
[Along with Misc. Application No. 396 of 2024]
Jesley John ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Jaikishan Lakhwani with Mr. Sunilkumar Pillai and
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 Limited ...Respondent
8
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Ishan Agrawal with Mr. Kush Khandelwal, Mr. Ashutosh
Mishra, Mr. Divakar Dadhich, Mr. Gandharv Garg, Anshal
Dhiman and Mr. Shubham Jagtap, Advocates i/b Nyaayam
Associates for the Respondent.
WITH
Appeal No. 491 of 2024
[Along with Misc. Application No. 467 of 2024]
Ranjit Merces Sousa ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Jaikishan Lakhwani with Mr. Sunilkumar Pillai and
Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates
for the Respondent.
WITH
Appeal No. 492 of 2024
[Along with Misc. Application No. 552 of 2024]
Ayitha Swarnamba ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Jaikishan Lakhwani with Mr. Sunilkumar Pillai and
Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates
for the Respondent.
WITH
Appeal No. 501 of 2024
[Along with Misc. Application No. 815 of 2024]
Arati Harikumar ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
9
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Ishan Agrawal with Mr. Kush Khandelwal, Mr. Ashutosh
Mishra, Mr. Divakar Dadhich, Mr. Gandharv Garg, Anshal
Dhiman and Mr. Shubham Jagtap, Advocates i/b Nyaayam
Associates for the Respondent.
WITH
Appeal No. 515 of 2024
[Along with Misc. Application Nos. 868 & 869 of 2024]
Kriti Garg ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Jaikishan Lakhwani with Mr. Sunilkumar Pillai and
Mr. Aditya Manjrekar, Advocates i/b MLS Vani & Associates
for the Respondent.
WITH
Appeal No. 516 of 2024
[Along with Misc. Application Nos. 872 & 873 of 2024]
Parikshit Lalvani ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Ishan Agrawal with Mr. Kush Khandelwal, Mr. Ashutosh
Mishra, Mr. Divakar Dadhich, Mr. Gandharv Garg, Anshal
Dhiman and Mr. Shubham Jagtap, Advocates i/b Nyaayam
Associates for the Respondent.
10
WITH
Appeal No. 555 of 2024
[Along with Misc. Application Nos. 987 & 988 of 2024]
Maria Fatima Dasilva Gracias ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Ishan Agrawal with Mr. Kush Khandelwal, Mr. Ashutosh
Mishra, Mr. Divakar Dadhich, Mr. Gandharv Garg, Anshal
Dhiman and Mr. Shubham Jagtap, Advocates i/b Nyaayam
Associates for the Respondent.
WITH
Appeal No. 628 of 2024
[Along with Misc. Application Nos. 1079 & 1080 of 2024]
Rajrishi Girish Dave ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Ishan Agrawal with Mr. Kush Khandelwal, Mr. Ashutosh
Mishra, Mr. Divakar Dadhich, Mr. Gandharv Garg, Anshal
Dhiman and Mr. Shubham Jagtap, Advocates i/b Nyaayam
Associates for the Respondent.
WITH
Appeal No. 655 of 2024
[Along with Misc. Application Nos. 1077 & 1078 of 2024]
Rahul Katariya ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
11
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Ishan Agrawal with Mr. Kush Khandelwal, Mr. Ashutosh
Mishra, Mr. Divakar Dadhich, Mr. Gandharv Garg, Anshal
Dhiman and Mr. Shubham Jagtap, Advocates i/b Nyaayam
Associates for the Respondent.
WITH
Appeal No. 667 of 2024
[Along with Misc. Application Nos. 1153 & 1154 of 2024]
Antony Kundukulangara Devassy ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Ishan Agrawal with Mr. Kush Khandelwal, Mr. Ashutosh
Mishra, Mr. Divakar Dadhich, Mr. Gandharv Garg, Anshal
Dhiman and Mr. Shubham Jagtap, Advocates i/b Nyaayam
Associates for the Respondent.
WITH
Appeal No. 064 of 2025
[Along with Misc. Application Nos. 1360 & 1361 of 2024]
Sujata A Sequeira ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Jaikishan Lakhwani with Mr. Sunilkumar Pillai
and Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
12
WITH
Appeal No. 065 of 2025
[Along with Misc. Application Nos. 1362 & 1363 of 2024]
Chitra Fernando ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Jaikishan Lakhwani with Mr. Sunilkumar Pillai
and Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
WITH
Appeal No. 066 of 2025
[Along with Misc. Application Nos. 1364 & 1365 of 2024]
Hirak Bhattacharjee ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Jaikishan Lakhwani with Mr. Sunilkumar Pillai
and Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
WITH
Appeal No. 067 of 2025
[Along with Misc. Application No. 1366 of 2024]
Meenakshi Vijay Petkar ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Jaikishan Lakhwani with Mr. Sunilkumar Pillai
and Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
13
WITH
Appeal No. 068 of 2025
[Along with Misc. Application Nos. 1376 & 1377 of 2024]
Amish Banker ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Jaikishan Lakhwani with Mr. Sunilkumar Pillai
and Mr. Aditya Manjrekar, Advocates i/b MLS Vani
& Associates for the Respondent.
WITH
Appeal No. 069 of 2025
[Along with Misc. Application No. 1378 & 1379 of 2024]
Clinton Philip Crasto ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Jaikishan Lakhwani with Mr. Sunilkumar Pillai
and Mr. Aditya Manjrekar, Advocates i/b MLS Vani
& Associates for the Respondent.
WITH
Appeal No. 075 of 2025
Santosh Narayanan Nair ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Jaikishan Lakhwani with Mr. Sunilkumar Pillai
and Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
14
WITH
Appeal No. 076 of 2025
Jolly Rodrigues ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Jaikishan Lakhwani with Mr. Sunilkumar Pillai
and Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
WITH
Appeal No. 077 of 2025
Jayanta Guha ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Jaikishan Lakhwani with Mr. Sunilkumar Pillai
and Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
WITH
Appeal No. 078 of 2025
Anil Maruti Bhogate ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Jaikishan Lakhwani with Mr. Sunilkumar Pillai
and Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
15
WITH
Appeal No. 079 of 2025
John Mathew ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Jaikishan Lakhwani with Mr. Sunilkumar Pillai
and Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
WITH
Appeal No. 080 of 2025
Rukaiya Rafeedhen Sultan ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Jaikishan Lakhwani with Mr. Sunilkumar Pillai
and Mr. Aditya Manjrekar, Advocates i/b MLS Vani
& Associates for the Respondent.
WITH
Appeal No. 087 of 2025
Falguni H. Lahar ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Jaikishan Lakhwani with Mr. Sunilkumar Pillai
and Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
16
WITH
Appeal No. 090 of 2025
[Along with Misc. Application No. 8 of 2025]
S. Veerachamy ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Jaikishan Lakhwani with Mr. Sunilkumar Pillai
and Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
WITH
Appeal No. 091 of 2025
[Along with Misc. Application Nos. 70 & 71 of 2025]
Louis Gonsalves ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Jaikishan Lakhwani with Mr. Sunilkumar Pillai
and Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
WITH
Appeal No. 092 of 2025
[Along with Misc. Application Nos. 133 & 132 of 2025]
Walter Benard Gomes ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal
Agrawal for the Appellant.
Mr. Jaikishan Lakhwani with Mr. Sunilkumar Pillai
and Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
17
AND
Appeal No. 151 of 2025
Manoj Madhav Datir ...Appellant
Versus
National Stock Exchange of India Limited ...Respondent
Mr. Sandesh R. Shukla, Advocate with
Ms. Anasamah Sayed, Advocates i/b Mithun Khaire,
Advocate for the Appellant.
Mr. Jaikishan Lakhwani with Mr. Sunilkumar Pillai
and Mr. Aditya Manjrekar, Advocates i/b MLS Vani &
Associates for the Respondent.
ORDER:
Learned Advocate for the respondent submits that these batch of matters have some commonality and can be disposed off by a common order and seeks specific time and date.
2. As prayed, call on 15.12.2025 at 2:30 p.m. Justice P.S. Dinesh Kumar Presiding Officer Ms. Meera Swarup Technical Member Dr. Dheeraj Bhatnagar Technical Member 13.10.2025 MADHUKAR Digitally signed by MADHUKAR BHALBAR msb BHALBAR Date: 2025.10.14 15:31:08 +05'30'