Jaykishan Kikani

2 matters before the Securities Appellate Tribunal

Penalties and directions recorded

Appeal Nos. 355 and 387 of 2025 allowed in part; AO orders dated 20 June 2025 and 03 July 2025 modified
AO orders dated 20 June 2025 and 03 July 2025 set aside qua the Funds
Entire penalty of Rs 24 lakh under Sections 15C and 15EA to be paid by Fund Manager (Appellant No.2)
Appeal Nos. 356 and 388 of 2025 allowed; AO orders set aside qua employee appellants

SAT-appeal

Admitted default in winding up Fund per schedule (tenure 2014-2021, wound up 2024) and irregularities found on SEBI inspection of books and records.
Appeal Nos. 355 and 387 of 2025 allowed in part; AO orders dated 20 June 2025 and 03 July 2025 modified · AO orders dated 20 June 2025 and 03 July 2025 set aside qua the Funds
Appeal: Appeal Nos. 355, 356, 387, 388 of 2025 filed under Section 15T decided on 17 March 2026 - Nos. 355 and 387 allowed in part, Nos. 356 and 388 allowed
SAT matter SATV-4027D467B9E574E666A403C3
Interim order passed in Appeal No. 355 of 2025 shall also benefit the appellants. · Miscellaneous Application No. 892 of 2025 disposed of.
Appeal: Appeal No. 356 of 2025 filed by Vishnu Prakash Rathore, Arpan Sarkar and Jaykishan Kikani; interim relief extended from Appeal No. 355 of 2025; listed for 17 October 2025

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Source: SecMarx — Jaykishan Kikani. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (charges, outcomes, appeal chain) is cited to us.