Submission of Order Passed by Hon''ble Securities Appellate Tribunal

The Securities Appellate Tribunal (SAT) on 12 November 2025 allowed four appeals filed by Radhe Developers and three related parties, setting aside a SEBI order dated 30 December 2022 that had found alleged violations of Insider Trading and disclosure regulations. The original case related to transactions from 2009-2010, with SEBI issuing show cause notices in December 2016 — a gap of about 7 years — and finishing proceedings only in 2022. SAT held that this delay was 'inordinate' and followed the Supreme Court's ruling in SEBI vs. Sunil Krishna Khaitan, which says SEBI must consider delay objections raised by noticees. As a result, the 2022 SEBI order has been quashed and any penalty amounts already deposited by the appellants must be refunded with interest within six weeks. No costs were awarded.