Mr. N. Ravichandran & Ors. vs Sebi

Mr. N. Ravichandran 23, Padiyandipalayam, Veernampalayam, Kangayam, Tamil Nadu 638701. ...Appellant

Versus

Securities and Exchange Board of India SEBI Bhavan, Plot No.C-4, A G Block, Bandra-Kurla Complex, Mumbai - 400 051. ...Respondent

Mr. Kunal Katariya, Advocate with Mr. Sahebrao Wamanrao Buktare, Ms. Ashmita Goradia, Advocates and Mr. Ravi Vijay Ramaiya, CA i/b. Shah & Ramaiya for the Appellant. Mr. Sumit Rai, Advocate with Mr. Manish Chhangani, Ms. Samreen Fatima and Mr. Sumit Yadav, Advocates i/b. The Law Point for the Respondent.

With Misc. Application No.25 of 2023 And Appeal No.144 of 2023

Arpit Mathur W3, Tower A, Himalaya Tanishq, 2

Rajnagar Extension, Ghaziabad-201017. ...Appellant

Versus

Securities and Exchange Board of India ...Respondent SEBI Bhavan, Plot No.C-4, A G Block, Bandra-Kurla Complex, Mumbai - 400 051.

Mr. Kunal Katariya, Advocate with Mr. Sahebrao Wamanrao Buktare, Ms. Ashmita Goradia, Advocates and Mr. Ravi Vijay Ramaiya, CA i/b. Shah & Ramaiya for the Appellant.

Mr. Manish Chhangani, Advocate with Ms. Samreen Fatima and Mr. Sumit Yadav, Advocates i/b. The Law Point for the Respondent.

With Misc. Application No.29 of 2023 And Appeal No.148 of 2023

Victor Arockiaraj J. 2/878/14, Gandhi Nagar ...Appellant

Versus

Securities and Exchange Board of India SEBI Bhavan, Plot No.C-4, A G Block, Bandra-Kurla Complex, Mumbai - 400 051. ...Respondent

Mr. Kunal Katariya, Advocate with Mr. Sahebrao Wamanrao Buktare, Ms. Ashmita Goradia, Advocates and Mr. Ravi Vijay Ramaiya, CA i/b. Shah & Ramaiya for the Appellant.

Mr. Manish Chhangani, Advocate with Ms. Samreen Fatima and Mr. Sumit Yadav, Advocates i/b. The Law Point for the Respondent.

With Misc. Application No.30 of 2023 And Appeal No.149 of 2023

Chandra Mohan Singh 3

Plot No.G-13, S-1, Lajpat Nagar, Sahibabad, Ghaziabad, 201005. ...Appellant

Versus

Securities and Exchange Board of India SEBI Bhavan, Plot No.C-4, A G Block, Bandra-Kurla Complex, Mumbai - 400 051. ...Respondent

Mr. Kunal Katariya, Advocate with Mr. Sahebrao Wamanrao Buktare, Ms. Ashmita Goradia, Advocates and Mr. Ravi Vijay Ramaiya, CA i/b. Shah & Ramaiya for the Appellant.

Mr. Manish Chhangani, Advocate with Ms. Samreen Fatima and Mr. Sumit Yadav, Advocates i/b. The Law Point for the Respondent.

With Misc. Application No.31 of 2023 And Appeal No.150 of 2023

Kuldeep Singh Yadav B-81, Khyala D D A Colony, New Delhi-110018. ...Appellant

Versus

Securities and Exchange Board of India SEBI Bhavan, Plot No.C-4, A G Block, Bandra-Kurla Complex, Mumbai - 400 051. ...Respondent

Mr. Kunal Katariya, Advocate with Mr. Sahebrao Wamanrao Buktare, Ms. Ashmita Goradia, Advocates and Mr. Ravi Vijay Ramaiya, CA i/b. Shah & Ramaiya for the Appellant.

Mr. Manish Chhangani, Advocate with Ms. Samreen Fatima and Mr. Sumit Yadav, Advocates i/b. The Law Point for the Respondent.

With Misc. Application No.32 of 2023 And 4

Appeal No.151 of 2023

Muthusamy G 12/169, Titan Town Ship, Mathigiri, Hosur 635110. ...Appellant

Versus

Securities and Exchange Board of India SEBI Bhavan, Plot No.C-4, A G Block, Bandra-Kurla Complex, Mumbai - 400 051. ...Respondent

Mr. Kunal Katariya, Advocate with Mr. Sahebrao Wamanrao Buktare, Ms. Ashmita Goradia, Advocates and Mr. Ravi Vijay Ramaiya, CA i/b. Shah & Ramaiya for the Appellant.

Mr. Manish Chhangani, Advocate with Ms. Samreen Fatima and Mr. Sumit Yadav, Advocates i/b. The Law Point for the Respondent.

With Misc. Application No.33 of 2023 And Appeal No.152 of 2023

Tamilarasan P. 118 Laksmi Narayana Nagar, Eswar Nagar, Hosur 635109. ...Appellant

Versus

Securities and Exchange Board of India SEBI Bhavan, Plot No.C-4, A G Block, Bandra-Kurla Complex, Mumbai - 400 051. ...Respondent

Mr. Kunal Katariya, Advocate with Mr. Sahebrao Wamanrao Buktare, Ms. Ashmita Goradia, Advocates and Mr. Ravi Vijay Ramaiya, CA i/b. Shah & Ramaiya for the Appellant.

Mr. Manish Chhangani, Advocate with Ms. Samreen Fatima and Mr. Sumit Yadav, Advocates i/b. The Law Point for the Respondent.

With 5

Misc. Application No.34 of 2023 And Appeal No.153 of 2023

Bellan Satish 228, Shree Meenakshinagar, Bagalure Road, Hosur-635109. ...Appellant

Versus

Securities and Exchange Board of India SEBI Bhavan, Plot No.C-4, A G Block, Bandra-Kurla Complex, Mumbai - 400 051. ...Respondent

Mr. Kunal Katariya, Advocate with Mr. Sahebrao Wamanrao Buktare, Ms. Ashmita Goradia, Advocates and Mr. Ravi Vijay Ramaiya, CA i/b. Shah & Ramaiya for the Appellant.

Mr. Manish Chhangani, Advocate with Ms. Samreen Fatima and Mr. Sumit Yadav, Advocates i/b. The Law Point for the Respondent.

With Misc. Application No.35 of 2023 And Appeal No.154 of 2023

Virendra Bisht Udham Singh Nagar, S/O Jaiveer Singh, Vill Nandpur Bishtniwas Kathgariya, Haldwani Uttarakhan 263139. ...Appellant

Versus

Securities and Exchange Board of India SEBI Bhavan, Plot No.C-4, A G Block, Bandra-Kurla Complex, Mumbai - 400 051. ...Respondent

Mr. Kunal Katariya, Advocate with Mr. Sahebrao Wamanrao Buktare, Ms. Ashmita Goradia, Advocates and Mr. Ravi Vijay Ramaiya, CA i/b. Shah & Ramaiya for the Appellant. 6

Mr. Manish Chhangani, Advocate with Ms. Samreen Fatima and Mr. Sumit Yadav, Advocates i/b. The Law Point for the Respondent.

With Misc. Application No.36 of 2023 And Appeal No.155 of 2023

Boopathi Orusolperumal 5/434, 3rd Main, Ivth Cross Street, Dwaraganagar, Hosur-635109. ...Appellant

Versus

Securities and Exchange Board of India SEBI Bhavan, Plot No.C-4, A G Block, Bandra-Kurla Complex, Mumbai - 400 051. ...Respondent

Mr. Kunal Katariya, Advocate with Mr. Sahebrao Wamanrao Buktare, Ms. Ashmita Goradia, Advocates and Mr. Ravi Vijay Ramaiya, CA i/b. Shah & Ramaiya for the Appellant.

Mr. Manish Chhangani, Advocate with Ms. Samreen Fatima and Mr. Sumit Yadav, Advocates i/b. The Law Point for the Respondent.

With Misc. Application No.37 of 2023 And Appeal No.156 of 2023

Anandan Kathirmani 3/719, Bharathi Nagar Extension Arasanty Hosur 635136. ...Appellant

Versus

Securities and Exchange Board of India SEBI Bhavan, Plot No.C-4, A G Block, Bandra-Kurla Complex, Mumbai - 400 051. ...Respondent

Mr. Kunal Katariya, Advocate with Mr. Sahebrao Wamanrao Buktare, Ms. Ashmita Goradia, Advocates and Mr. Ravi Vijay Ramaiya, CA 7

i/b. Shah & Ramaiya for the Appellant.

Mr. Manish Chhangani, Advocate with Ms. Samreen Fatima and Mr. Sumit Yadav, Advocates i/b. The Law Point for the Respondent.

With Misc. Application No.38 of 2023 And Appeal No.157 of 2023

Praveen Joshi House No.705, Ward No.20 Avas Vikas, Rudrapur, Udham Singh Nagar, Uttarakhand 263153. ...Appellant

Versus

Securities and Exchange Board of India SEBI Bhavan, Plot No.C-4, A G Block, Bandra-Kurla Complex, Mumbai - 400 051. ...Respondent

Mr. Kunal Katariya, Advocate with Mr. Sahebrao Wamanrao Buktare, Ms. Ashmita Goradia, Advocates and Mr. Ravi Vijay Ramaiya, CA i/b. Shah & Ramaiya for the Appellant.

Mr. Manish Chhangani, Advocate with Ms. Samreen Fatima and Mr. Sumit Yadav, Advocates i/b. The Law Point for the Respondent.

With Misc. Application No.39 of 2023 And Appeal No.158 of 2023

Chandrakant Kalauni H. No.317A, Vil Dewari, P.O. Gujahriya, Tehsil Khatima 99, ...Appellant Udham Singh Nagar, Uttarakhand 262308.

Versus

Securities and Exchange Board of India SEBI Bhavan, Plot No.C-4, A 8

G Block, Bandra-Kurla Complex, Mumbai - 400 051. ...Respondent

Mr. Kunal Katariya, Advocate with Mr. Sahebrao Wamanrao Buktare, Ms. Ashmita Goradia, Advocates and Mr. Ravi Vijay Ramaiya, CA i/b. Shah & Ramaiya for the Appellant.

Mr. Manish Chhangani, Advocate with Ms. Samreen Fatima and Mr. Sumit Yadav, Advocates i/b. The Law Point for the Respondent.

With Misc. Application No.41 of 2023 And Appeal No.160 of 2023

Yedatore Seshagirirao Manjunath 24/3, Titan Township, Mathigiri, Hosur - 635110, ...Appellant Tamilnadu.

Versus

Securities and Exchange Board of India SEBI Bhavan, Plot No.C-4, A G Block, Bandra-Kurla Complex, Mumbai - 400 051. ...Respondent

Mr. Kunal Katariya, Advocate with Mr. Sahebrao Wamanrao Buktare, Ms. Ashmita Goradia, Advocates and Mr. Ravi Vijay Ramaiya, CA i/b. Shah & Ramaiya for the Appellant.

Mr. Manish Chhangani, Advocate with Ms. Samreen Fatima and Mr. Sumit Yadav, Advocates i/b. The Law Point for the Respondent.

With Misc. Application No.42 of 2023 And Appeal No.161 of 2023

Rajakumar G MIG-148, TNHB Phase-7, Birundhavan Nagar, Bagalur Road, Hosur-635109, Tamilnadu. ...Appellant 9

Versus

Securities and Exchange Board of India SEBI Bhavan, Plot No.C-4, A G Block, Bandra-Kurla Complex, Mumbai - 400 051. ...Respondent

Mr. Kunal Katariya, Advocate with Mr. Sahebrao Wamanrao Buktare, Ms. Ashmita Goradia, Advocates and Mr. Ravi Vijay Ramaiya, CA i/b. Shah & Ramaiya for the Appellant.

Mr. Manish Chhangani, Advocate with Ms. Samreen Fatima and Mr. Sumit Yadav, Advocates i/b. The Law Point for the Respondent.

With Misc. Application No.43 of 2023 And Appeal No.162 of 2023

Kuppusamy Kanivel D.No.251, Kailai Nagar, Gokul Nagar Road, Hosur, Tamilnadu 365109. ...Appellant

Versus

Securities and Exchange Board of India SEBI Bhavan, Plot No.C-4, A G Block, Bandra-Kurla Complex, Mumbai - 400 051. ...Respondent

Mr. Kunal Katariya, Advocate with Mr. Sahebrao Wamanrao Buktare, Ms. Ashmita Goradia, Advocates and Mr. Ravi Vijay Ramaiya, CA i/b. Shah & Ramaiya for the Appellant.

Mr. Manish Chhangani, Advocate with Ms. Samreen Fatima and Mr. Sumit Yadav, Advocates i/b. The Law Point for the Respondent.

With Misc. Application No.44 of 2023 And Appeal No.163 of 2023 10

Saravanan R 3D3, 1st Floor, Krishna Nagar, Hosur, Tamilnadu 635109. ...Appellant

Versus

Securities and Exchange Board of India SEBI Bhavan, Plot No.C-4, A G Block, Bandra-Kurla Complex, Mumbai - 400 051. ...Respondent

Mr. Kunal Katariya, Advocate with Mr. Sahebrao Wamanrao Buktare, Ms. Ashmita Goradia, Advocates and Mr. Ravi Vijay Ramaiya, CA i/b. Shah & Ramaiya for the Appellant.

Mr. Manish Chhangani, Advocate with Ms. Samreen Fatima and Mr. Sumit Yadav, Advocates i/b. The Law Point for the Respondent.

With Misc. Application No.47 of 2023 And Appeal No.166 of 2023

Raghuraman Rangharajan No.20, Ashok Garden, K P Dam Road, Avalapalli, Hosur - 635109. ...Appellant

Versus

Securities and Exchange Board of India SEBI Bhavan, Plot No.C-4, A G Block, Bandra-Kurla Complex, Mumbai - 400 051. ...Respondent

Mr. Kunal Katariya, Advocate with Mr. Sahebrao Wamanrao Buktare, Ms. Ashmita Goradia, Advocates and Mr. Ravi Vijay Ramaiya, CA i/b. Shah & Ramaiya for the Appellant.

Mr. Manish Chhangani, Advocate with Ms. Samreen Fatima and Mr. Sumit Yadav, Advocates i/b. The Law Point for the Respondent. 11

With Misc. Application No.48 of 2023 And Appeal No.167 of 2023

V P V Vijay Kumar Block-1, 10th Cross, Vishnu Anandam Galaxy, 159, Chithanapally, Nallur Post, Hosur, Krishnagiri, Tamil Nadu - 635103. ...Appellant

Versus

Securities and Exchange Board of India SEBI Bhavan, Plot No.C-4, A G Block, Bandra-Kurla Complex, Mumbai - 400 051. ...Respondent

Mr. Kunal Katariya, Advocate with Mr. Sahebrao Wamanrao Buktare, Ms. Ashmita Goradia, Advocates and Mr. Ravi Vijay Ramaiya, CA i/b. Shah & Ramaiya for the Appellant.

Mr. Manish Chhangani, Advocate with Ms. Samreen Fatima and Mr. Sumit Yadav, Advocates i/b. The Law Point for the Respondent.

With Misc. Application No.49 of 2023 And Appeal No.168 of 2023

D. Arun Kumar 5/702-48, Thanigai Nagar Phase 2, Chinnaelasagiri, Hosur-635126. ...Appellant

Versus

Securities and Exchange Board of India SEBI Bhavan, Plot No.C-4, A G Block, Bandra-Kurla Complex, Mumbai - 400 051. ...Respondent

Mr. Kunal Katariya, Advocate with Mr. Sahebrao Wamanrao Buktare, Ms. Ashmita Goradia, Advocates and Mr. Ravi Vijay Ramaiya, CA i/b. Shah & Ramaiya for the Appellant. 12

Mr. Manish Chhangani, Advocate with Ms. Samreen Fatima and Mr. Sumit Yadav, Advocates i/b. The Law Point for the Respondent.

With Misc. Application No.50 of 2023 And Appeal No.169 of 2023

Govind Narayan Gupta Vill Post-Jhar, The-Bassi, Jaipur - 303305. ...Appellant

Versus

Securities and Exchange Board of India SEBI Bhavan, Plot No.C-4, A G Block, Bandra-Kurla Complex, Mumbai - 400 051. ...Respondent

Mr. Kunal Katariya, Advocate with Mr. Sahebrao Wamanrao Buktare, Ms. Ashmita Goradia, Advocates and Mr. Ravi Vijay Ramaiya, CA i/b. Shah & Ramaiya for the Appellant.

Mr. Manish Chhangani, Advocate with Ms. Samreen Fatima and Mr. Sumit Yadav, Advocates i/b. The Law Point for the Respondent.

With Misc. Application No.51 of 2023 And Appeal No.170 of 2023

Ganeshkumar K No.12/20-C Thally Road, Ganapathy Nagar, Krishnanagiri Dharmapuri, Tamil Nadu 635109. ...Appellant

Versus

Securities and Exchange Board of India SEBI Bhavan, Plot No.C-4, A G Block, Bandra-Kurla Complex, Mumbai - 400 051. ...Respondent 13

Mr. Kunal Katariya, Advocate with Mr. Sahebrao Wamanrao Buktare, Ms. Ashmita Goradia, Advocates and Mr. Ravi Vijay Ramaiya, CA i/b. Shah & Ramaiya for the Appellant.

Mr. Manish Chhangani, Advocate with Ms. Samreen Fatima and Mr. Sumit Yadav, Advocates i/b. The Law Point 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 applications, the delay

in the filing of the appeals is condoned. The

applications are allowed.

2. Even though separate orders have been passed, the

issue is common and, consequently, these appeals are

being taken up together. The Adjudicating Officer has

passed an order imposing a penalty of Rs.1 lakh and

Rs.1.25 lakh for non-disclosure of the trades executed

by the appellants which was found to be in violation of

Regulations 7(2)(a) of the Securities and Exchange

Board of India (Prohibition of Insider Trading)

Regulations, 2015 (hereinafter referred to as 'PIT

Regulations').

14

3. We find that the controversy involved in the present

appeals is squarely covered by the decision of this

Tribunal in Appeal no.654 of 2022, Sudhir Bapusaheb

Devkar v. SEBI decided on 10th October, 2022.

Accordingly, the impugned orders are quashed. The

appeals are allowed. The matter is remitted to the

Adjudicating Officer to pass a fresh order in the light

of the decision of this Tribunal within three months.

4. 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 Digitally signed RAJALAKSHMI by RAJALAKSHMI HARISH NAIR HARISH NAIR Date: 2023.02.10 7.2.2023 10:31:56 +05'30'

RHN