BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date : 06.05.2019 Misc. Application No. 235 of 2019 And Appeal (L) No. 224 of 2019 Nagendra Kumar …Appellant Versus Securities and Exchange Board of India …Respondent Mr. P.N. Modi, Senior Advocate with Mr. Neville Lashkari, Mr. Nimay Dave, Mr. Sachin Chandarana, Mr. Rashid Boatwalla, Mr. Rahul Jain, Zalak Mody and Ms. Pruthvi Dhinoja, Advocates i/b Manilal Kher Ambalal & Co. for the Appellant. Mr. Shiraz Rustomjee, Senior Advocate with Mrs. Dr. Poornima Advani and Mr. Anubhav Ghosh and Ms. Rashi Dalmia, Advocates i/b The Law Point for the Respondent. ORDER: Misc. Application No. 235 of 2019:- Three weeks time is allowed to the appellant to file a certified copy of the order. Misc. Application is disposed of. In the meantime, Registry is directed to allocate a regular number. Appeal (L) No. 224 of 2019:-

1. The appellant is a Senior Officer in National Stock

Exchange of India Limited (‘NSE’ for short). The Whole Time Member (‘WTM’ for short) of the Securities and Exchange Board of India (‘SEBI’ for short) has found in relation to the colocation facility that the appellant allowed Way2wealth Brokers Private Limited (‘W2W’ for short) and GKN Securities (‘GKN’ for short) entities to continue to avail Sampark connectivity even after finding out that Sampark did not have the requisite license and that it allowed to place infrastructure without verifying Sampark credentials. The WTM has consequently restrained the appellant from holding any position, either directly or indirectly, with any Stock Exchange, Clearing Corporation, Depository recognized or registered by SEBI for a period of two years.

2. On a query asked by the Tribunal, learned senior counsel

for the respondent fairly conceded that such debarment would amount to termination of service of the appellant. We also find that insofar as the entities W2W and GKN are concerned their appeals have been entertained and an interim order has been passed.

3. In the light of the aforesaid, we are of the opinion that

balance of convenience requires that an interim order be passed. We accordingly direct the respondent to file a reply within six weeks. Three weeks thereafter is allowed to the appellant to file a rejoinder. The matter would be listed for admission and for final disposal on July 22, 2019.

4. For the reasons stated aforesaid, we direct that the effect

and operation of the impugned order insofar as it relates to the appellant shall remain stayed during the pendency of the appeal. Sd/- Justice Tarun Agarwala Presiding Officer Sd/- Justice M.T. Joshi Judicial Member 06.05.2019 Prepared and compared by:msb