Anand Rathi Share and Stock Brokers Ltd.

SAT-appeal

• Violation of NSE circulars concerning non-settlement of clients' funds and securities and shortfall of client funds. The shortfall was calculated at Rs.54,01,35,770 as of 30 November 2018.
  Appeal allowed in part. · NSE penalty reduced to Rs.20 lakhs.
  Appeal: Appeal No.241 of 2020 under Section 23L of the SCRA; SAT order dated 24 April 2025 allowed in part and reduced the penalty to Rs.20 lakhs.
• SAT matter SATV-0D6883D7A7536481EA5A4B9A
  Appeal No. 334 of 2025 was adjourned; the matter was directed to be listed on February 17, 2026.
  Appeal: Multiple SAT appeals were listed together; Appeal No. 334 of 2025 was adjourned on 06 January 2026 to 17 February 2026.
• SAT matter SATV-0F6424EF720E36E31C2AEC3A
  Appeal adjourned on the appellant's request. · Matter listed on 19 December 2022.
  Appeal: Appeal No. 241 of 2020; adjourned on 28 November 2022 and listed on 19 December 2022.
• SAT matter SATV-13610026D7B12AAA4019C09E
  Matter adjourned on the joint request of the parties · List the matter on 23 February 2023
  Appeal: Appeal No. 372 of 2021 was adjourned on 12 January 2023 and listed for 23 February 2023
• SAT matter SATV-1FB2BEFB2C71EF8F93F7662F
  Appeals listed/called on 06 January 2026 as they were stated to be similar to Appeal No. 403 of 2025
  Appeal: Appeal Nos. 372 of 2021, 334 of 2025, 343 of 2025 and 344 of 2025 were adjourned for listing on 06 January 2026; no disposal on merits.
• SAT matter SATV-46F235B3DA1DE16639F95526
  Matter adjourned and directed to be called on February 17, 2026
  Appeal: Appeal Nos. 372/2021, 188/2023, 92/2024, 183/2025, 334/2025, 343/2025, 344/2025, 403/2025 pending before SAT; adjourned to 17.02.2026
• SAT matter SATV-5955D6BC9A93CB7B19430325
  Matter taken up on 09.09.2025 as 08.09.2025 was declared holiday · Call on November 03, 2025
  Appeal: Appeal No. 372 of 2021 along with Misc. Application No. 616 of 2021, adjourned on 09.09.2025, next listed on November 03, 2025
• SAT matter SATV-70B04B34E09A46B133BAD166
  Matter adjourned and directed to be called on January 06, 2026
• SAT matter SATV-8E39A5558598AD50AA4DB5A0
  Adjourned on request of appellant · List on 1st September, 2023
  Appeal: Appeal No.372 of 2021 with Misc. Application No.616 of 2021 adjourned to 1st September, 2023
• SAT matter SATV-9D1260BD7A3B0BCDDFB10523
  Time granted to appellant in Appeal No. 334 of 2025 · All tagged appeals adjourned - Call on February 17, 2026
  Appeal: Appeal Nos. 372/2021, 188/2023, 92/2024, 183/2025, 334/2025, 343/2025, 344/2025, 403/2025 adjourned on 06.01.2026 to 17.02.2026, not disposed
• SAT matter SATV-9B8DD21A1605B2AC0EC0A11D
  Time granted at request of counsel for appellant in Appeal No. 334 of 2025 · All matters called / listed on February 17, 2026
  Appeal: Appeal Nos. 372/2021, 188/2023, 92/2024, 183/2025, 334/2025, 343/2025, 344/2025, 403/2025 pending; adjourned to 17.02.2026 vide order dated 06.01.2026
• SAT matter SATV-C735CED35CF743384D7D9C6C
  Adjourned on joint request of the parties · List on 12th January, 2023
  Appeal: Appeal No.372 of 2021 with Misc. Application No.616 of 2021 pending; adjourned to 12 January 2023
• SAT matter SATV-CAFA76B60F70CC53592DE3F4
  Time granted as sought by counsel in Appeal No. 334 of 2025 · All matters to be called on February 17, 2026
  Appeal: Appeal Nos. 372/2021, 188/2023, 92/2024, 183/2025, 334/2025, 343/2025, 344/2025, 403/2025 pending before SAT; adjourned to 17.02.2026 vide order dated 06.01.2026; not disposed
• SAT matter SATV-D25CD6DBC165EAA13FFADC75
  List Appeal No.241 of 2020 on 17th December, 2021 · Parties to contact Registrar 48 hours before date fixed to ascertain video conferencing or physical hearing
  Appeal: Appeal No. 241 of 2020 pending; adjourned and next listed on 17 December 2021 vide order dated 20.10.2021
• SAT matter SATV-454556ACDA5575568B23108E
  Appeals to be listed/called on 06 January 2026
  Appeal: Appeal Nos. 372 of 2021, 334 of 2025, 343 of 2025 and 344 of 2025 were pending; listed for 06 January 2026 because they were stated to be similar to Appeal No. 403 of 2025.
• SAT matter SATV-64C2FC41BB585702177C5878
  Appeal No. 334 of 2025 was adjourned; call on February 17, 2026. · No operative decision or directions are recorded for the other listed appeals.
  Appeal: SAT order dated 06 January 2026; Appeal No. 334 of 2025 adjourned to 17 February 2026. No disposal recorded.
• Violation of client-fund segregation and prescribed payment modes through transfers or adjustments between securities clients' accounts and associated commodity brokers' accounts, including unauthorized transfers and intermingling of funds.
  Appeal No. 10 of 2016 partly allowed; penalty reduced from Rs. 30 lakh to Rs. 5 lakh · Appeal No. 29 of 2016 partly allowed; penalty reduced from Rs. 20 lakh to Rs. 10 lakh
  Appeal: Common SAT order deciding Misc. Application No. 18 of 2016 and Appeal Nos. 10, 29 and 196 of 2016; decision dated 6 November 2019.
• SAT matter SATV-76976103CED8AC480A16A2E2
  Time granted at request of counsel for appellant in Appeal No. 334 of 2025; matters called/listed on February 17, 2026
  Appeal: Appeals 372/2021, 188/2023, 92/2024, 183/2025, 334/2025, 343/2025, 344/2025, 403/2025 pending; adjourned to 17.02.2026, no disposal
• Intermingling/diversion of securities clients' funds to group commodity entities in breach of client-fund segregation and prescribed payment-mode circulars.
  Anand Rathi: 1993 circular violation set aside; 2003 circular violation upheld; penalty cut Rs 30 lakh to Rs 5 lakh · Greshma: violations upheld jointly; penalty cut Rs 20 lakh to Rs 10 lakh as proportionate
  Appeal: Appeal Nos 10, 29 and 196 of 2016 heard 05.08.2019, decided 06.11.2019 by common SAT order
• SAT matter SATV-D1A441C488D237D5913075CB
  Time granted at request of counsel for appellant in Appeal No. 334 of 2025 · All matters to be called on February 17, 2026
  Appeal: Appeal Nos. 372 of 2021, 188 of 2023, 92 of 2024, 183 of 2025, 334 of 2025, 343 of 2025, 344 of 2025 and 403 of 2025 pending before SAT; adjourned to 17.02.2026 vide order dated 06.01.2026
• Transfer/intermingling of funds between securities brokers' client bank accounts and group commodity firms via journal entries in breach of segregation and prescribed payment-mode circulars.
  Anand Rathi: Rs 30 lakh penalty set aside in part, reduced to Rs 5 lakh for Aug 27, 2003 circular only · Greshma: Rs 20 lakh penalty reduced to Rs 10 lakh for joint violation of both circulars
  Appeal: Appeal Nos 10, 29 and 196 of 2016 decided by common SAT order dated 06.11.2019 (hearing 05.08.2019); penalties reduced in 10 and 29
• SAT matter SATV-EFE5FE65CB87055AE5BF2C89
  Adjourned on request of learned counsel for appellant, list on February 25, 2022 · Parties to take instructions from Registrar 48 hrs before date fixed on video conference vs physical hearing
  Appeal: Appeal No. 241 of 2020 pending; adjourned on appellant request vide order dated 19.01.2022 to February 25, 2022