SAT Sets Aside SEBI Order Against Appellant Represented by Advocate Dipak S. Lingot
Mumbai, 16 October 2026: In a significant development in securities law, the Securities Appellate Tribunal (SAT), Mumbai, has allowed an appeal filed by Mr. Jyotiranjan Panda, represented by Advocate Dipak S. Lingot, against an order passed by the Whole Time Member of the Securities and Exchange Board of India (SEBI) on 20 February 2018.
In its order dated 15 October 2026, the Tribunal held that there was no material to establish that the appellant had been duly served with the Show Cause Notice or the impugned order. Finding a violation of the principles of natural justice, the Tribunal set aside the SEBI order insofar as it concerned the appellant.
The Tribunal further directed the appellant to appear before SEBI on 16 November 2026, with SEBI to provide an opportunity of hearing and pass an order in accordance with law. All contentions were kept open.
The matter highlights the importance of due process, proper service of notices and the right to a fair hearing in regulatory proceedings.
Advocate Dipak S. Lingot, who appeared for the appellant before the Tribunal, is a legal professional with experience in securities and regulatory matters. His representation in this case underscores the significance of procedural safeguards and effective legal advocacy in proceedings before specialised tribunals.
Source: Securities Appellate Tribunal, Mumbai, Appeal No. 108 of 2026, order dated 15 October 2026.