SAT Orders SEBI to Share Complainant Details in Trading Firm Case

SEBIEXCHANGE

Overview

The Securities Appellate Tribunal (SAT) has directed the Securities and Exchange Board of India (SEBI) to disclose complainant identities and details in a case against Asmita Patel Global School of Trading. This decision supports the firm's right to defense against SEBI's allegations of unregistered investment advisory services and a ₹1.04 crore disgorgement order. SAT also mandated sharing relevant correspondence, though other requested documents were denied.

The Securities Appellate Tribunal (SAT) has directed the Securities and Exchange Board of India (SEBI) to disclose the identities and basic details of complainants in a case involving Asmita Patel Global School of Trading Pvt Ltd. This ruling supports the appellants' right to effectively defend themselves against SEBI's allegations.

SEBI's Allegations

SEBI's ex parte interim order, associated with February 2025, had accused the trading education firm and its director, Asmita Patel, of providing unregistered investment advisory and research analyst services. The regulator sought disgorgement of ₹1.04 crore, representing fees allegedly collected. SEBI had initially refused to share complainant documents and permit cross-examination.

Disclosure Mandate

A SAT bench found SEBI’s decision to mask the names and contact details of the 42 complainants "not tenable." The tribunal ordered SEBI to also share correspondence exchanged with complainants, subject to redaction of confidential information. However, requests for trading ledgers and internal SEBI file notings were denied as not required at this stage. The tribunal deemed the plea for cross-examination premature. The article was published on January 9, 2026.

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