Archive · 9 Jan 2026
SAT Orders SEBI to Share Complainants' Details in Asmita Patel Case
The Securities Appellate Tribunal (SAT) has told the Securities and Exchange Board of India (SEBI) to share the names and basic details of people who complained about Asmita Patel Global School of Trading Pvt Ltd.
The school and its director, Asmita Patel, had asked for this information to help them defend themselves.
SEBI had earlier accused the school of offering investment advice without proper registration and ordered them to pay back ₹1.04 crore.
The tribunal said SEBI should share emails and discussions with the complainants but not their personal financial records.
The school can ask to question the complainants and SEBI officials later.
SAT directed SEBI to disclose the identities and basic details of 42 complainants in a case involving Asmita Patel Global School of Trading Pvt Ltd.
The tribunal partly allowed an appeal by the trading education firm and its director, Asmita Patel, challenging SEBI’s refusal to share certain documents.
SEBI had accused the firm of providing unregistered investment advisory services and ordered disgorgement of ₹1.04 crore.
SAT ruled that SEBI’s decision to mask complainants' details was not tenable and directed the sharing of correspondence, subject to redaction of confidential information.
The tribunal rejected requests for trading ledgers and internal file notings, stating they were not required at this stage.
- Who
- Securities Appellate Tribunal (SAT) and Securities and Exchange Board of India (SEBI)
- What
- SAT directed SEBI to disclose complainants' identities and basic details in a case involving Asmita Patel Global School of Trading Pvt Ltd
- When
- The interim order was issued in February 2025, and the SAT decision was made on January 9, 2026
- Where
- India
- Why
- To allow the appellants to effectively defend themselves
- Case Involving
- Asmita Patel Global School of Trading Pvt Ltd
- Complainants Count
- 42
- Disgorgement Amount
- ₹1.04 crore
- SEBI's Accusation
- Providing unregistered investment advisory and research analyst services
- Tribunal's Decision
- SEBI must disclose complainants' identities and basic details