Authority: Securities Appellate Tribunal (SAT) and Supreme Court of India
Order Date: 13 October 2026 (SAT); 9 October 2026 (Supreme Court hearing)
Case Overview
- Parties: Respondent – Securities and Exchange Board of India (SEBI); Appellants – Karvy Stock Broking Limited and Comandur Parthasarathy. Additional respondent in related interim applications: M/S. K J John And Co.
- Civil Appeal Numbers: SAT – Nos.13526‑13527/2026; Supreme Court – Nos.13482‑13483/2026.
- Nature of Proceedings: The appellants sought condonation of delay in filing their appeals against orders dated 9 September 2026 issued by SEBI. The delays were 480+ days for one appeal and 680+ days for the other.
- Counsel: Senior counsel for the appellants included Mr. Mukul Rohatgi and Mr. Balbir Singh, assisted by a team of junior advocates. Counsel for the respondent SEBI included representatives from K J John And Co.
- Judicial Bench: Hon’ble Mr. Justice Dipankar Datta and Hon’ble Mr. Justice Sheel Nagu presided over the SAT hearing.
- Key Observations: The Tribunal noted that the delay in filing the appeals was excessive (over 480 and 680 days) and, after reviewing the reasoning submitted, found no merit in granting condonation.
Final Outcome
- The SAT ordered the dismissal of Civil Appeal Nos.13526‑13527/2026, refusing to condone the delay.
- The Supreme Court of India also dismissed Civil Appeal Nos.13482‑13483/2026 in accordance with the signed order.
- All pending applications, if any, were directed to stand disposed of.
Topics: Legal Enforcement, Capital Markets Regulation