Sonal B. Shah

SAT-appeal

• Appeals against rejection of claims for Investor Protection Fund compensation because appellants allegedly availed Anugrah's impermissible Derivatives Advisory Services scheme involving assured returns.
  All appeals dismissed · Impugned orders rejecting Investor Protection Fund claims upheld
  Appeal: Appeal Nos. 243, 244, 245, 246, 247, 249, 250, 252, 329, 330, 368, 369, 400 and 401 of 2023 dismissed on 15 May 2023; prior remand order dated 24 November 2022 mentioned.
• Not an insider-trading matter. The appeals concerned claims under the Investor Protection Fund, rejected because appellants availed Anugrah's prohibited Derivatives Advisory Services scheme offering assured returns.
  All appeals dismissed · Impugned orders rejecting Investor Protection Fund compensation claims upheld
  Appeal: Appeal Nos. 243, 244, 245, 246, 247, 249, 250, 252, 329, 330, 368, 369, 400 and 401 of 2023 dismissed on 15 May 2023.
• SAT matter SATV-36142222B8F7BD1890F66310
  Delay in filing all appeals condoned and exemption applications allowed · Impugned orders set aside
  Appeal: Appeal Nos. 867, 868, 869, 870, 871, 872, 873 and 874 of 2022 allowed on 17 November 2022
• SAT matter SATV-3DC86EBC09304F50AD1AD962
  Place Misc. Applications along with record on the date fixed · Parties to act on digitally signed copy; certified copy available from Registry on payment of usual charges
  Appeal: Misc. Application Nos. 613, 614, 615, 616 of 2023 in Appeal Nos. 247, 246, 244, 245 of 2023 pending; vide order dated 27.04.2023 applications to be placed with record on date fixed
• Appellants availed Anugrah's prohibited Derivatives Advisory Services assuring fixed returns, rendering claims under Investor Protection Fund inadmissible.
  All appeals dismissed · NSE Committee rejection of Investor Protection Fund claims upheld
  Appeal: Appeal Nos. 243-247, 249, 250, 252, 329, 330, 368, 369, 400, 401 of 2023 dismissed by SAT decision dated 15.05.2023 (reserved 01.05.2023)
• Clients availed prohibited Derivatives Advisory Services assuring fixed returns from broker Anugrah, making IPF compensation claims inadmissible.
  All appeals (Nos. 243-247, 249, 250, 252, 329,330,368,369,400,401 of 2023) dismissed · NSE Committee orders rejecting Investor Protection Fund claims upheld
  Appeal: Appeal Nos. 243 of 2023 and 13 connected appeals decided and dismissed on 15.05.2023 (reserved 01.05.2023)
• Clients availed Anugrah's Derivatives Advisory Services with assured fixed returns, making Investor Protection Fund claims inadmissible.
  All Appeal Nos.243,244,245,246,247,249,250,252,329,330,368,369,400,401 of 2023 dismissed · NSE Committee rejection of IPF compensation upheld as no error of law
  Appeal: Appeal Nos.243,244,245,246,247,249,250,252,329,330,368,369,400,401 of 2023 reserved 01.05.2023, decided/dismissed 15.05.2023
• The appellants allegedly availed Derivatives Advisory Services involving assured or guaranteed returns from Anugrah, making their Investor Protection Fund claims inadmissible.
  All appeals dismissed. · Impugned orders rejecting Investor Protection Fund compensation claims upheld.
  Appeal: Appeal Nos. 243, 244, 245, 246, 247, 249, 250, 252, 329, 330, 368, 369, 400 and 401 of 2023 dismissed on 15 May 2023.
• NSE Defaulters' Committee rejected investors' claim petitions on ground they were availing derivatives advisory services; review applications were also rejected.
  All impugned orders dated 7 July 2022 set aside · Matters remitted to NSE Defaulters' Committee for fresh decision by reasoned speaking order
  Appeal: Appeal Nos. 867 to 874 of 2022 allowed and disposed on 17 November 2022
• Appellants availed Anugrah's impermissible Derivatives Advisory Services assuring fixed returns, rendering claims under Investor Protection Fund inadmissible.
  All appeals (Nos. 243-247, 249, 250, 252, 329, 330, 368, 369, 400, 401 of 2023) dismissed · NSE Member and Core Settlement Guarantee Fund Committee rejection of IPF claims confirmed
  Appeal: Prior appeal allowed by SAT on 24.11.2022 remanding IPF rejection to NSE Committee for fresh decision; present 14 appeals decided 15.05.2023 (reserved 01.05.2023) - dismissed
• Anugrah offered prohibited Derivatives Advisory Services with assured returns; appellants availed DAS and received assured returns, making IPF claims inadmissible.
  All appeals dismissed · NSE Committee rejection of Investor Protection Fund claims upheld
  Appeal: Appeal Nos. 243,244,245,246,247,249,250,252,329,330,368,369,400,401 of 2023 dismissed on 15.05.2023; earlier appeal allowed 24.11.2022 remanding to Committee
• Clients availed prohibited Derivatives Advisory Services (DAS) assuring fixed returns from broker Anugrah, rendering Investor Protection Fund claims inadmissible.
  All appeals (Nos 243,244,245,246,247,249,250,252,329,330,368,369,400,401 of 2023) dismissed · NSE Committee orders rejecting IPF compensation upheld as no error of law
  Appeal: Prior appeal allowed by SAT order dated 24.11.2022 remanding for fresh decision; present 14 appeals disposed/dismissed by SAT decision dated 15.05.2023
• Investor claim petitions rejected by NSE on ground appellants were availing derivatives advisory services; review applications similarly rejected.
  Delay in filing appeals condoned; exemption applications allowed · Impugned NSE communication dated 7 July 2022 set aside for non-application of mind
  Appeal: Appeal Nos. 867-874 of 2022 with Misc. Applications allowed and disposed on 17.11.2022
• NSE rejected investor claim petitions on ground appellants were availing derivatives advisory services; review applications also rejected.
  Delay in filing appeals condoned and exemption applications allowed · Impugned NSE communications dated 7th July 2022 set aside in all appeals
• Appellants availed prohibited Derivatives Advisory Services (DAS) with assured/guaranteed returns from broker Anugrah; hence IPF compensation claims inadmissible.
  All appeals (Nos 243,244,245,246,247,249,250,252,329,330,368,369,400,401 of 2023) dismissed · NSE Committee rejection of Investor Protection Fund claims upheld - assured-return payouts not eligible
  Appeal: Appeal Nos 243,244,245,246,247,249,250,252,329,330,368,369,400,401 of 2023 dismissed by SAT decision dated 15.05.2023 (reserved 01.05.2023)
• Clients availed prohibited Derivatives Advisory Services with assured fixed returns; IPF compensation inadmissible
  All appeals dismissed · IPF claims rejected as inadmissible for DAS assured returns
  Appeal: Appeal Nos 243,244,245,246,247,249,250,252,329,330,368,369,400,401 of 2023 dismissed on 15.05.2023 (reserved 01.05.2023)
• Rejection of investor claim petitions on ground appellants were availing derivatives advisory services; challenge to review rejection by authorised signatory.
  Delay in filing appeals condoned; exemption applications allowed · All impugned review-rejection orders set aside
  Appeal: Appeal Nos. 867, 868, 869, 870, 871, 872, 873, 874 of 2022 allowed by SAT order dated 17.11.2022
• Clients availed prohibited Derivatives Advisory Services assuring fixed returns from broker; Investor Protection Fund compensation claim held inadmissible.
  All appeals Nos. 243,244,245,246,247,249,250,252,329,330,368,369,400,401 of 2023 dismissed · NSE Committee rejection of Investor Protection Fund claims upheld as inadmissible
• Investor claim petitions rejected by NSE on ground appellants were availing derivatives advisory services; review applications also rejected.
  Delay in filing appeals condoned; exemption applications allowed · Impugned orders dated 7 July 2022 in all appeals set aside for non-application of mind
• Appellants availed prohibited Derivatives Advisory Services assuring fixed returns from Anugrah, rendering Investor Protection Fund claims inadmissible.
  All appeals Nos. 243,244,245,246,247,249,250,252,329,330,368,369,400,401 of 2023 dismissed · NSE Committee rejection of Investor Protection Fund claims upheld
  Appeal: Prior appeal allowed by SAT order dated 24 Nov 2022 remanding to NSE Committee; present appeals dismissed by decision dated 15 May 2023
• Rejection of investor claim/review petitions by NSE on ground appellants were availing derivatives advisory services
  Delay in filing appeals condoned and exemption applications allowed · Impugned review-rejection orders set aside for non-application of mind
  Appeal: Appeal Nos.867, 868, 869, 870, 871, 872, 873, 874 of 2022 disposed on 17.11.2022 - all allowed
• Claim petitions rejected on ground appellants were availing derivatives advisory services; review applications rejected without consideration by Committee
  Delay in filing appeals condoned and exemption applications allowed · All impugned orders dated 07.07.2022 set aside
  Appeal: Appeal Nos. 867-874 of 2022 with Misc. Applications allowed and disposed on 17.11.2022
• Broker Anugrah offered prohibited Derivatives Advisory Services assuring fixed returns akin to PMS; appellants availed DAS and received assured returns, rendering IPF compensation inadmissible.
  All appeals (Nos. 243,244,245,246,247,249,250,252,329,330,368,369,400,401 of 2023) dismissed · NSE Committee orders rejecting Investor Protection Fund claims upheld - no error of law
  Appeal: Appeal Nos. 243, 244, 245, 246, 247, 249, 250, 252, 329, 330, 368, 369, 400, 401 of 2023 disposed and dismissed by SAT decision dated 15.05.2023 (reserved 01.05.2023); prior appeal allowed and remanded by SAT order dated 24.11.2022
• Anugrah offered Derivatives Advisory Services assuring fixed returns akin to PMS; appellants as DAS clients received assured returns, making IPF claims inadmissible.
  All appeals dismissed; NSE Committee rejection of IPF claims upheld as no error of law · No order as to costs; parties to act on digitally signed order
  Appeal: Appeal Nos. 243-247, 249-250, 252, 329-330, 368-369, 400-401 of 2023 dismissed on 15.05.2023 (reserved 01.05.2023)