BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date : 25.06.2019
Appeal No. 257 of 2019
Keshav Prasad Misra & Ors.

…Appellants
Versus
Securities and Exchange Board of India & Ors. …Respondents
Mr. Kevic Setalvad, Senior Advocate with Mr. L.S. Shetty,
Mr. U.P. Naik, Mr. Arnav Misra, Ms. Sarika Lalit and Ms.
Ameya Kulkarni, Advocates i/b Shetty,a Malhotra & Associates
for Appellants.
Mr. Mihir Mody, Advocate with Mr. Sushant Yadav, Advocate
i/b K. Ashar & Co. for Respondent No. 1.
Mr. Rashid Boatwalla, Advocate with Mr. Rahul Jain and
Pruthvi Dhinoja, Advocates i/b MKA & Co. for Respondent No.
2.
Mr. Pulkit Sukhramani, Advocate i/b J. Sagar Associates for
Respondent No. 3.
Mr. Somasekhar Sundaresan, Advocate with Mr. Tomu Francis
and Mr. Manish Chhangani, Advocates i/b Khaitan & Co. for
Respondent No. 4.
Mr. Piyush Raheja, Advocate with Ms. Shruti Rajan,
Mr. Abhijit Das and Mr. Rushin Kapadia, Advocates i/b Cyril
Amarchand & Mangaldas for Respondent No. 9.
None for Respondent Nos. 5 to 8.

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ORDER:
1.

The grievance of the appellants is that their investments
given to Allied Financial Services Private Limited have been
illegally transferred to IL&FS Securities Services Limited for
clearing the trades of other parties. Such trades are to be
honoured latest by June 27, 2019. In this regard the appellants
have made a complaint before SEBI which has remained
unattended till date.

2.

While the matter was being heard, we directed the learned
counsel appearing for SEBI to seek necessary instructions as to
how the appellants are to be protected, if they are found to be
genuine investors.

3.

When the matter was again taken up after lunch a
submission was made by the learned senior counsel that they
need further time to seek complete instructions in the matter and
requested that the matter may be taken up tomorrow.

4.

In the light of the aforesaid, we adjourn the matter today
and the same would be taken up tomorrow i.e. on June 26, 2019
as the first case at 10.30 a.m. We make it clear that the complete
instructions be obtained from SEBI, namely, as to how the
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appellants and other concerned entities would be protected
under the SEBI Act if they are found to be genuine investors at
the end of the day.

Sd/Justice Tarun Agarwala
Presiding Officer
Sd/Dr. C.K.G. Nair
Member
Sd/Justice M.T. Joshi
Judicial Member
25.06.2019
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