JSA Advocates & Solicitors (JSA) has successfully represented Mr. Rajesh Mokashi, former Managing Director of CARE Ratings Limited, in the civil appeal filed by the Securities and Exchange Board of India (“SEBI”) before the Hon’ble Supreme Court, challenging the judgment and order dated June 27, 2025 (“SAT Order”) passed by the Hon’ble Securities Appellate Tribunal (“SAT”).
Briefly, the SAT Order set aside an order dated April 20, 2023 (“SEBI Order”) passed by SEBI which held that Mr. Mokashi, in his capacity as MD of CARE Ratings had interfered in the credit rating process relating to DHFL. The SAT Order exonerated Mr. Mokashi and was challenged by SEBI before the Hon’ble Supreme Court.
By an order dated March 11, 2026, the Hon’ble Bench of the Supreme Court comprising Justice Pamidighantam Sri Narasimha and Justice Alok Aradhe disposed the civil appeal filed by SEBI and upheld the findings in the SAT Order.
The Hon’ble Bench held that there is no error of fact or law in the conclusions drawn by the Hon’ble SAT in the SAT Order. The Supreme Court has clarified that while SEBI and the Hon’ble SAT are empowered to take evidence and conduct proceedings under the SEBI Act, 1992, they must base their decisions on the evidence on record and should not rely on external enquiry reports which do not form part of the investigation and enquiry by SEBI.
The matter was jointly led by the Securities Litigation and Advisory team, comprising Pulkit Sukhramani, Partner and Samreen Fatima, Senior Associate, and the Disputes team, comprising Sidharth Sethi, Partner and Deepank Anand, Associate.