REPORTABLE

2026 INSC 245 IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NOS. 5209-5211 of 2022 Securities and Exchange Board of India … Appellant(s)

Versus Terrascope Ventures Limited Etc. … Respondent(s)

J U D G M E N T

K. V. Viswanathan, J.

1. The present appeals, under Section 15Z of the Securities and Exchange Board of India Act, 1992 (for short the “SEBI Act”), call in question the correctness of the order dated 02.06.2022 passed by the Securities Appellate Tribunal (for short the “SAT”), Mumbai in Appeal Nos. 116 of 2021, 114 of 2021 and 115 of 2021. The SAT set aside the orders of the Signature Not Verified CHANDRESH Date: 2026.03.17 Reason:

Officer had imposed monetary penalties on the respondent- company as well as on the respondent individuals who were the Managing Director (Mr. Manoharlal Saraf) and Director- (Mrs. Geeta Manoharlal Saraf) respectively, for violations of the provisions of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (for short the “PFUTP Regulations”), and the Securities Contracts (Regulation) Act, 1956.

2. Though the respondents were duly served, they did not put in app