Authority: Supreme Court of India

Order Date: 09-09-2026

Case Overview

  • Civil Appeal No(s). 13301/2015 filed by Subrata Bhattacharya (appellant) against Securities and Exchange Board of India (SEBI) and others (respondents).
  • The matter involved numerous interlocutory applications (IAs) ranging from IA No. 114963/2025 to IA No. 323808/2025, covering requests for appropriate orders, clarifications, interventions, stays, and permissions to file additional documents.
  • On the hearing date, the Court considered IA No. 263455 of 2026, an application for extension of time to dispose of Category B applications, and granted a one‑week extension.
  • The Court took on record the Report of Justice (Retd.) R.M. Lodha Committee dated 21.08.2026, which had already examined a long list of IAs (including 322180/2025, 322181/2025, 322183/2025, 322184/2025, 322186/2025, 322187/2025, 322189/2025, 322190/2025, 322192/2025, 322193/2025, 322421/2025, 322425/2025, 323636/2025, 323637/2025, 323807/2025, 323808/2025, 227007/2026, 213913/2026, 139286/2026, 139287/2026, 149288/2026, 143598/2026).
  • Paragraph 5 of the Lodha Report recommended acceptance of all recommendations of Shri R.S. Virk for the above IAs. The Court accepted these recommendations and disposed of the listed IAs, directing that follow‑up action be taken as appropriate.
  • For IA Nos. 148884/2026 and 149080/2026, the Court directed SEBI to file a short report after verifying the contents of the applications, with an affidavit to be filed after obtaining necessary information from the Lodha Committee.
  • IA No. 270651 of 2026, filed for clarification of an order dated 19.02.2026, was allowed as per the prayer made therein. The Registry was instructed to list the applications identified by learned Amici in consultation with Mr. Arjun Garg, and the matter was re‑listed for hearing on 08.10.2026 at 02:00 PM. Contact details for Mr. Arjun Garg were provided (phone: 9971796913; email: arjun.garg@agalaw.in).

Final Outcome

  • The Supreme Court granted a one‑week extension for disposing of Category B applications.
  • It accepted the Justice R.M. Lodha Committee’s recommendations, thereby disposing of a large set of interlocutory applications.
  • SEBI was ordered to file a short verification report and affidavit concerning IA Nos. 148884/2026 and 149080/2026.
  • Further applications will be listed for a hearing on 08‑10‑2026 at 02:00 PM.

Topics: Regulatory Proceedings, Securities Market