0138-2025 Mrs. Kalpana Ketan Shah and Another vs SEBI

SAT · Final order

Reviewed by Varun Matlani, Advocate — Securities Lawyer practicing in SAT and SEBI

Full text

IN THE SECURITIES APPELLATE TRIBUNAL

AT MUMBAI

Date: 24.11.2025 Appeal No. 138 of 2025 [Along with Misc. Application No. 905 of 2025] Mrs. Kalpana Ketan Shah & Anr. …Appellants Versus Securities and Exchange Board of India ...Respondent Mr. Robin Shah, Advocate with Mr. Udaysingh Kashid, Advocate i/b Bodhi Legal for Appellants. Ms. Khushbu Chhajed, Advocate with Mr. Nishit Dhruva, Ms. Rasika Ghate and Ms. Khushbu Trivedi, Advocates i/b. MDP Legal, Advocates for the Respondent. ORDER:

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Source: SecMarx — 0138-2025 Mrs. Kalpana Ketan Shah and Another vs SEBI. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.