Description
SAT has granted stay on debarment orders against Anurag Dalmia (18 months) and Ashok Kumar Joshi (12 months) upon deposit of 50% penalty amount within four weeks.
Summary
NSE has issued directions following Securities Appellate Tribunal (SAT) order dated October 08, 2025 granting stay on debarment of Anurag Dalmia and Ashok Kumar Joshi. SEBI had originally restrained these entities from accessing securities market vide order dated August 29, 2025. SAT granted stay subject to deposit of 50% penalty amount within four weeks. Both noticees have now deposited the required 50% penalty, and members are advised to comply with the SAT order immediately.
Key Points
- SAT granted stay on debarment orders against Anurag Dalmia (18 months debarment) and Ashok Kumar Joshi (12 months debarment)
- Stay conditional on deposit of 50% of penalty amount within four weeks from October 08, 2025
- Penalty deposited amount to be kept in interest-bearing account by SEBI
- Both noticees have deposited 50% of penalty as directed
- Original SEBI order (August 29, 2025) had prohibited buying, selling or dealing in securities directly or indirectly
- Investigation period covered 2009-2010 to 2020-2021
- Ashok Kumar Joshi resigned on September 27, 2019; show cause notice issued September 20, 2023
- Penalty of Rs. 10 lakh imposed on appellant
Regulatory Changes
No new regulatory changes introduced. This circular provides update on implementation of existing SEBI order based on SAT directions.
Compliance Requirements
- NSE members must comply with SAT order immediately
- Members should refer to consolidated list of debarred entities available at: https://www.nseindia.com/regulations/member-sebi-debarred-entities
- Members to ensure compliance with updated status of these entities
- Any queries to be directed to dl-invsg-all@nse.co.in
Important Dates
- October 08, 2025: SAT order granting stay issued
- August 29, 2025: Original SEBI debarment order (Order No. QJA/MN/CFID/CFID-SEC1/31626/2025-26)
- September 01, 2025: NSE circular no. NSE/INVG/69905 issued regarding original debarment
- October 30, 2025: Current NSE circular issued
- Four weeks from October 08, 2025: Deadline for 50% penalty deposit (completed)
Impact Assessment
Market Impact: Minimal - affects only two specific individuals
Operational Impact:
- Members must update their records regarding market access for these entities
- Debarment stay means these individuals can now access securities market pending appeal
- Members should monitor consolidated debarred entities list for any further updates
Entities Affected:
- Mr. Anurag Dalmia (PAN: AADPD9439P) - 18 months debarment stayed
- Mr. Ashok Kumar Joshi (PAN: AAGPJ4277Q) - 12 months debarment stayed
Background: Investigation covered period 2009-2021, with show cause notice issued in 2023 after significant delay. Appeal admitted by SAT with respondent (SEBI) granted six weeks to file reply and three weeks thereafter for appellant to file rejoinder.
Impact Justification
Individual case affecting two specific entities with stay granted on debarment; limited market-wide impact