BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date: 10.7.2019
Misc. Application No.276 of 2019
In
Appeal No.219 of 2019
Sapna Dilip Bombaywala
439, Hasam Premji Building,
2nd Floor, Kalbadevi Road,
Mumbai – 400 002.

.… Appellant
Versus
Securities and Exchange Board of India
SEBI Bhavan, C-4A, G-Block,
Bandra Kurla Complex, Bandra (E),
Mumbai – 400051.

….Respondent
Mr. Akshit Jain, Advocate with Ms. Rinku Valanju, Advocate i/b.
R.V. Legal for the Appellant.
Mr. Sumit Rai, Advocate with Mr. Abhiraj Arora and Mr. Vivek
Shah, Advocate i/b. ELP for the Respondent.
CORAM: Justice Tarun Agarwala, Presiding Officer
Dr. C.K.G. Nair, Member
Justice M.T. Joshi, Judicial Member
Per : Justice Tarun Agarwala (Oral)
1.

We have heard learned counsel for the parties on Misc.

Application No.276 of 2019. By the impugned order the appellant
has been restrained from accessing the securities market for a
period of six years. We find that there is no order of disgorgement
or penalty against the appellant.

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2.

In our opinion, the restraint order from accessing the
securities market cannot be a ground to deny the appellant from
liquidating the shares which are already lying in the demat account
and which has been depicted as Annexure ‘A’ at page 19 of the
memo of appeal.
3.

By our earlier order dated 30th June, 2017 we had directed
respondent to seek instruction and to file reply if any to the Misc.
Application but no such reply has been filed.
4.

Having heard the learned counsel for the parties, we direct
the appellant to access the securities market only to the limited
extent of liquidating the shares as per Annexure ‘A’ which are
lying in the demat account of the appellant within a period of three
moths from today. The Misc. Application is disposed of.
Sd/Justice Tarun Agarwala
Presiding Officer
Sd/Dr. C. K. G. Nair
Member
Sd/Justice M.T. Joshi
Judicial Member
10.7.2019
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