Kabir Kapur & Ors. vs Sebi

BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date of Decision: 17.11.2022 Misc. Application No.1202 of 2022 And Misc. Application No.1203 of 2022 And Appeal No.867 of 2022 Kabir Kapur 402, Lakeview 2, Royal Palms, Aarey Milk Colony, Goregaon (East), Mumbai - 400 065. ...Appellant Versus National Stock Exchange of India Ltd. Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra(E), Mumbai - 400 051. ...Respondent Mr. Kamal Agarwal, Authorised Representative for the Appellant. Mr. Gaurav Joshi, Senior Advocate with Mr. Rashid Boatwalla and Ms. Samiksha Rajput, Advocates i/b. MKA & Co. for the Respondent. With Misc. Application No.1238 of 2022 And Misc. Application No.1239 of 2022 And Appeal No.868 of 2022 2 Dilip Mehta B/602, Paresh Apartments, Above Syndicate Bank, SVP Road Borivali West, Mumbai-400 092. ...Appellant Versus National Stock Exchange of India Ltd. Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra(E), Mumbai - 400 051. ...Respondent Mr. Kamal Agarwal, Authorised Representative for the Appellant. Mr. Rashid Boatwalla, Advocate with Ms. Samiksha Rajput, Advocate i/b.

MKA & Co. for the Respondent. With Misc. Application No.1240 of 2022 And Misc. Application No.1241 of 2022 And Appeal No.869 of 2022 Kalpana Dilip Mehta B/602, Paresh Apartments, Abv. Syndicate Bank, SVP Road Borivali (West), Mumbai-400 092. ...Appellant Versus National Stock Exchange of India Ltd. Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra(E), Mumbai - 400 051. ...Respondent 3 Mr. Kamal Agarwal, Authorised Representative for the Appellant. Mr. Rashid Boatwalla, Advocate with Ms. Samiksha Rajput, Advocate i/b. MKA & Co. for the Respondent. With Misc. Application No.1255 of 2022 And Misc. Application No.1256 of 2022 And Appeal No.870 of 2022 Aagma B. Shah 401, Jain Shivam Co-op., Soc., Jivdaya Lane, Ghatkopar West, Mumbai - 400 086. ...Appellant Versus National Stock Exchange of India Ltd. Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra(E), Mumbai - 400 051. ...Respondent Mr. Kamal Agarwal, Authorised Representative for the Appellant. Mr. Rashid Boatwalla, Advocate with Ms. Juan D'Souza Rajput, Advocate i/b. MKA & Co. for the Respondent. With Misc. Application No.1257 of 2022 And Misc.

Application No.1258 of 2022 And Appeal No.871 of 2022 4 Sonal B. Shah 401, Jain Shivam Co-op., Soc., Jivdaya Lane, Ghatkopar West, Mumbai - 400 086. ...Appellant Versus National Stock Exchange of India Ltd. Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra(E), Mumbai - 400 051. ...Respondent Mr. Kamal Agarwal, Authorised Representative for the Appellant. Mr. Rashid Boatwalla, Advocate with Ms. Samiksha Rajput, Advocate i/b. MKA & Co. for the Respondent. With Misc. Application No.1259 of 2022 And Misc. Application No.1260 of 2022 And Appeal No.872 of 2022 Nirmalaben P. Shah 401, Jain Shivam Co-op., Soc., Jivdaya Lane, Ghatkopar West, Mumbai - 400 086. ...Appellant Versus National Stock Exchange of India Ltd. Exchange Plaza, C-1, Block G, Bandra Kurla Complex, 5 Bandra(E), Mumbai - 400 051. ...Respondent Mr. Kamal Agarwal, Authorised Representative for the Appellant. Mr. Rashid Boatwalla, Advocate with Ms. Samiksha Rajput, Advocate i/b. MKA & Co. for the Respondent. With Misc. Application No.1276 of 2022 And Misc. Application No.1277 of 2022 And Appeal No.873 of 2022 Namrata Dadbhawala 111/8, Geeta Building, Road No.24, Sion (West), Mumbai - 400022. ...Appellant Versus National Stock Exchange of India Ltd. Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra(E), Mumbai - 400 051. ...Respondent Mr. Rashid Boatwalla, Advocate with Ms. Juan D'Souza Rajput, Advocate i/b.

MKA & Co. for the Respondent. With Misc. Application No.1278 of 2022 And Misc. Application No.1279 of 2022 And Appeal No.874 of 2022 6 Chhaya Bhatia C/17, Nav Vrushali Apts, Agarkar Road, Near Aditya Hall, Tilak Nagar, Dombivali East Thane -421201. ...Appellant Versus National Stock Exchange of India Ltd. Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra(E), Mumbai - 400 051. ...Respondent Mr. Rashid Boatwalla, Advocate with Ms. Juan D'Souza Rajput, Advocate i/b. MKA & Co. for the Respondent. CORAM: Justice Tarun Agarwala, Presiding Officer Ms. Meera Swarup, Technical Member Per: Justice Tarun Agarwala, Presiding Officer (Oral) 1. For the reasons stated in the application, the delay in the filing of the appeals is condoned. The applications are allowed. The exemption applications are also allowed. 2. All these appeals are against a common issue and are being taken up together even though different orders have been passed by the authority concerned. 7 3. For facility, we are taking the facts in appeal no.867 of 2022. We find that the claim petition was rejected by communication dated 20th March, 2021 on the ground that the appellant was availing derivatives advisory services.

In the said communication sent by the authority, Defaulters' Committee Section it was also stated that in the event the appellant is aggrieved he can file a review claim which will be considered by the Committee. 4. The appellant thereafter filed a review application which has been rejected again by the impugned communication dated 7th July, 2022 by the authorised signatory of the Defaulters' Committee Section. The review application has not been decided by the Committee. 5. In our opinion, there is non-application of mind. The review application is required to be considered by the Defaulters' Committee. We accordingly set aside the impugned order dated 7th July, 2022 and remit the 8 matter to the Defaulters' Committee which will decide the same within four weeks from today by a reasoned and speaking order. 6. In view of the aforesaid, all the impugned orders are set aside and all the appeals are allowed. 7. This order will be digitally signed by the Private Secretary on behalf of the bench and all concerned parties are directed to act on the digitally signed copy of this order. Certified copy of this order is also available from the Registry on payment of usual charges.

Justice Tarun Agarwala Presiding Officer Ms. Meera Swarup Technical Member RAJALA Digitally signed KSHMI by 17.11.2022 RAJALAKSHMI HARISH HARISH NAIR Date: 2022.11.23 RHN NAIR 18:26:50 +05'30'