Description

SAT has set aside the October 2018 SEBI WTM order that restrained five Sahara-linked individuals from accessing the securities market, effective March 9, 2026.

Summary

The Securities Appellate Tribunal (SAT), in its order dated March 9, 2026, has set aside the SEBI Whole Time Member (WTM) order dated October 31, 2018 with respect to five named appellants from the Sahara group. The original SEBI order had restrained these individuals from accessing the securities market and prohibited them from buying, selling, or dealing in securities, directly or indirectly. NSE has communicated this update to all members per SEBI’s direction.

Key Points

  • SAT vide order dated March 9, 2026 (Appeal No. 252 of 2019) has set aside the SEBI WTM order dated October 31, 2018 qua the following five appellants:
    • Shri I. Ahmad (PAN: ACPPA7639A)
    • Shri O. P. Dixit (PAN: ADDPD1207A)
    • Shri A. N. Mukherjee (PAN: AATPM0220H)
    • Shri Asad Ahmad (PAN: AALPA0819Q)
    • Shri C. B. Thapa (PAN: ABNPT2137K)
  • The original 2018 SEBI order covered 12 entities/individuals including Sahara India Commercial Corporation Limited and Shri Subrata Roy Sahara; the SAT relief applies only to the five named appellants above.
  • The remaining noticees under the original SEBI order are not affected by this SAT ruling.
  • The detailed SAT order is available on the SEBI website (http://www.sebi.gov.in) and SAT website (https://satweb.sat.gov.in).
  • The consolidated list of debarred entities is maintained on the NSE website under the member-sebi-debarred-entities section.

Regulatory Changes

The SEBI WTM order dated October 31, 2018 (Ref: WTM/MPB/EFD-1-DRA-III/56/2018) is set aside with respect to the five appellants listed above. This means the securities market access restrictions and trading prohibitions imposed on these five individuals are no longer in force per SAT’s direction.

Compliance Requirements

  • All NSE members must take note of the updated debarment status of the five individuals whose restrictions have been lifted.
  • Members should refer to the updated consolidated debarred entities list on the NSE website before executing trades involving these individuals.
  • Members must ensure ongoing compliance with the revised list of debarred entities.
  • For queries, members may contact NSE at dl-invsg-all@nse.co.in.

Important Dates

  • October 31, 2018: Original SEBI WTM order imposing market access restrictions.
  • March 9, 2026: SAT order setting aside the WTM order for five appellants.
  • April 1, 2026: NSE circular date communicating the SAT order to all members.

Impact Assessment

This circular has a medium market impact. Five individuals previously barred from securities markets since 2018 have had their restrictions lifted by SAT. NSE members must update their compliance checks to reflect that these five individuals are no longer on the debarred list. The remaining Sahara-linked entities and individuals (including Sahara India Commercial Corporation Limited and Shri Subrata Roy Sahara) remain under the original SEBI restrictions. Brokers and members should verify the current debarred entities list on NSE’s website to ensure accurate client onboarding and transaction monitoring.

Impact Justification

SAT overturn of a long-standing SEBI debarment order is a significant regulatory development affecting named individuals; medium impact as it relieves restrictions rather than imposing new ones on market participants broadly.