Description
SAT has stayed the one-year debarment of Jitendra Hasmukhlal Vyas, originally imposed by SEBI for trading activities in DU Digital Technologies Limited, subject to payment of 50% penalty. The entity has since paid Rs. 5,00,000 to SEBI.
Summary
NSE has informed all members that the Securities Appellate Tribunal (SAT) has issued an order dated February 13, 2026, staying the one-year debarment of Jitendra Hasmukhlal Vyas (PAN: AEZPV7923A) — originally imposed by SEBI vide Order No. QJA/MN/IVD/ID7/31947/2025-26 dated December 31, 2025. The stay is conditional on deposit of 50% of the penalty amount. SEBI has confirmed the entity has paid Rs. 5,00,000/- and directed compliance with the SAT order.
Key Points
- SEBI originally restrained Jitendra Hasmukhlal Vyas from accessing the securities market for one year via order dated December 31, 2025
- NSE had communicated the original debarment via circular NSE/INVG/72109 dated January 01, 2026
- SAT (Appeal No. 32 of 2026) vide order dated February 13, 2026 has stayed the one-year debarment
- The stay is subject to deposit of 50% of the penalty amount within four weeks of the SAT order date
- The deposited amount will be held in an interest-bearing account by SEBI pending outcome of the appeal
- SEBI has confirmed the entity has paid the full penalty of Rs. 5,00,000/- in SEBI’s favour
- The next hearing before SAT is scheduled for May 06, 2026
- Consolidated list of debarred entities is available on NSE website
Regulatory Changes
The debarment of Jitendra Hasmukhlal Vyas is now stayed pending the outcome of SAT Appeal No. 32 of 2026. This effectively modifies the trading restriction communicated in NSE circular NSE/INVG/72109 dated January 01, 2026 for this specific individual. The underlying SEBI order (QJA/MN/IVD/ID7/31947/2025-26) remains under appellate review.
Compliance Requirements
- NSE members must take note of the changed status of Jitendra Hasmukhlal Vyas and update compliance records accordingly
- Members should consult the consolidated debarred entities list on NSE’s website (https://www.nseindia.com/regulations/member-sebi-debarred-entities) for the current status
- Members with queries may email dl-invsg-all@nse.co.in
- The SAT order and detailed SEBI order are available on the SEBI/SAT website (https://satweb.sat.gov.in/orders)
Important Dates
- December 31, 2025: Original SEBI debarment order (QJA/MN/IVD/ID7/31947/2025-26)
- January 01, 2026: NSE circular NSE/INVG/72109 communicating original debarment
- February 13, 2026: SAT order staying the debarment (subject to 50% penalty deposit within 4 weeks, i.e., by March 13, 2026)
- February 26, 2026: NSE circular date confirming penalty payment and SAT stay
- May 06, 2026: Next SAT hearing date for Appeal No. 32 of 2026
Impact Assessment
This circular has a targeted impact on NSE members who deal with or monitor the trading activities of Jitendra Hasmukhlal Vyas in the scrip of DU Digital Technologies Limited (DUDIGITAL). The SAT stay partially reverses the trading restriction for this individual, requiring members to update their KYC/compliance checks. The broader market impact is limited as this concerns a single individual rather than a systemic regulatory change. Members should remain attentive to the final outcome of the SAT appeal expected around or after May 06, 2026.
Impact Justification
Affects a specific debarred entity whose trading restrictions are now partially lifted via SAT stay order; NSE members must update their compliance records to reflect the changed status of Jitendra Hasmukhlal Vyas.