Bhatt & Joshi Associates is a leading securities law firm with experienced SEBI lawyers handling SEBI investigations, adjudication proceedings, Show Cause Notices, settlement applications, SAT (Securities Appellate Tribunal) appeals, insider trading defence, PFUTP violations defence, and corporate disclosure compliance. The firm represents listed companies, promoters, intermediaries, and investors. Senior counsel for complex SEBI matters.

SEBI lawyer services: (1) Response to SEBI Show Cause Notices; (2) representation in SEBI adjudication and inquiry proceedings; (3) settlement applications under Section 15JB SEBI Act 1992; (4) SAT appeals under Section 15T against SEBI orders; (5) insider trading defence (PIT Regulations 2015); (6) PFUTP Regulations 2003 defence; (7) listed company disclosure compliance (LODR Regulations 2015); (8) takeover code (SAST Regulations 2011) compliance; (9) Supreme Court SLP. Bhatt & Joshi Associates handles complex securities matters from SCN response through SAT and SC.

Response to SEBI SCN: (1) careful analysis of allegations and evidence cited; (2) gathering of supporting documents; (3) drafting comprehensive reply with grounds — typically within 21-30 days; (4) procedural objections if applicable (jurisdictional, limitation, natural justice); (5) substantive defence on merits; (6) suggesting settlement if appropriate; (7) personal hearing preparation. Quality of SCN response is critical — sets foundation for adjudication. Strong SCN replies can lead to settlement or favorable order. Bhatt & Joshi Associates drafts comprehensive SCN responses.

Yes. SEBI penalties can be appealed to Securities Appellate Tribunal (SAT) under Section 15T SEBI Act 1992 within 45 days. Process: (1) SAT appeal with grounds, evidence; (2) condonation of delay possible on sufficient cause; (3) interim stay applications; (4) hearings; (5) SAT order — confirm, modify, or set aside SEBI order; (6) further appeal to Supreme Court under Section 15Z within 60 days. SAT has wide powers including penalty reduction. Significant penalty reductions common at SAT level. Bhatt & Joshi Associates handles SEBI-to-SAT-to-SC appeal chain.

SEBI settlement scheme under Section 15JB of SEBI Act 1992 enables consent-based resolution of regulatory violations. Features: (1) application by alleged violator; (2) consideration by Settlement Committee; (3) settlement terms — payment of monetary amount, undertakings, voluntary actions; (4) Settlement Order without admission/denial of allegations; (5) no further proceedings on same facts. Benefits: (1) faster resolution; (2) avoiding adverse adjudication; (3) lower penalty than potential maximum; (4) market continuity. Bhatt & Joshi Associates advises on settlement application strategy and negotiation.

Insider trading defence under SEBI (PIT) Regulations 2015: (1) absence of UPSI possession at trade time; (2) trade made before UPSI generation; (3) UPSI was generally available information; (4) Chinese Wall procedures followed; (5) trades pre-cleared by compliance; (6) bonafide need under specific exceptions (trading plans Section 5(2)); (7) Section 6 affirmative defences; (8) absence of mens rea (limited applicability). Burden shifts to accused once basic facts proved. Bhatt & Joshi Associates defends insider trading allegations through SEBI proceedings and SAT appeals.

SEBI investigation timelines: (1) initial preliminary inquiry — 2-6 months; (2) detailed investigation — 6-18 months; (3) SCN issuance after investigation; (4) adjudication proceedings — 6-12 months from SCN; (5) total case timeline — 1-3 years from start to final order; (6) appeals add further 1-2 years per level. Cooperation with investigation expedites; non-cooperation prolongs. Recent SEBI initiatives emphasise faster disposal. Bhatt & Joshi Associates manages clients through entire SEBI proceeding lifecycle from investigation to final appeal.