Appeals filed against Securities and Exchange Board of India (Sebi) orders before the Securities Appellate Tribunal (SAT) fell to 429 in 2025-26 from 533 a year ago, according to Sebi’s annual report for the fiscal year.
In the same period, the market regulator’s settlement collections plunged to ₹109.8 crore from ₹798.9 crore in FY25. The decline in settlement collections coincided with a lower number of settlement applications—439, down from 703.
The annual report also showed a moderation in appellate activity, although the overall litigation pipeline remained elevated.
Appeals dismissed by the SAT fell to 135 from 308. At the same time, the number of Sebi orders upheld with modifications rose to 88 from 42. Pending appeals before the SAT increased to 1,066 as of March-end 2026, up from 960 a year ago, suggesting that while fresh filings slowed, the tribunal continued to face a growing backlog.
Enforcement
Sebi took up fewer insider trading investigations during the year. The regulator initiated work on 221 insider trading cases in FY26, down from 287 in FY25. However, it completed more such investigations, closing 202 cases compared with 192 in the previous year, indicating improved disposal despite fewer fresh matters.
Investigations into suspected price and volume manipulation moved in the opposite direction. Sebi took up 72 such cases during FY26, up from 61 in FY25. Front-running investigations also edged higher, with 49 cases taken up compared with 44 a year ago. The regulator also initiated two takeover-related cases during the year and completed one, after reporting no activity in this category in FY25.
Adjudication activity slowed considerably. Fresh adjudication proceedings fell to 135 in FY26 from 204 a year ago, while disposal orders declined to 319 from 962.
According to the report, Sebi completed adjudication proceedings involving 640 entities through these 319 orders. No monetary penalty was imposed on 123 entities, while 46 entities opted for settlement. In comparison, the regulator completed 1,293 adjudication proceedings in FY25.
The report also highlighted a mixed trend in court litigation. Cases pending before the Supreme Court, excluding recovery-related matters, increased to 539 as of 31 March 2026, from 520 a year ago. During the year, 73 new cases were filed, and 54 were disposed of.
Pending litigation before high courts remained broadly stable at 884 cases, compared with 886 in the previous year, with 201 fresh cases filed and 203 disposed of during FY26.
