NSE Updates Trading Restrictions in IEX Case After SAT Relief to Entities

The National Stock Exchange (NSE) has updated trading restrictions on certain entities linked to the India Energy Exchange (IEX) case, following a Securities Appellate Tribunal (SAT) order that granted partial relief to the appellants.

The move comes after SEBI’s earlier interim order had barred these individuals from accessing the securities market, as part of an ongoing investigation.

SAT Grants Conditional Relief in SEBI Case

According to the SAT order dated December 17, 2025, the tribunal provided relief to appellants including Bhoovan Singh, Amarjit Singh Soran, Amita Soran, and Anita, who had challenged SEBI’s interim directions. 

SEBI had earlier ordered the impounding of ₹129.38 crore and restricted the entities from participating in the securities market. The SAT has allowed a partial stay on these restrictions, subject to key conditions:

• Deposit of ₹50 crore with SEBI
• Submission of an affidavit and valuation of immovable assets
• Cooperation with ongoing proceedings 

The tribunal also permitted the appellants to sell securities to meet deposit requirements, with prior regulatory approval.

NSE Circular Implements Revised Restrictions

In a circular dated March 25, 2026, NSE informed members that SEBI has now allowed the unfreezing of accounts of the concerned entities. 

However, the exchange clarified that the entities cannot trade in securities of India Energy Exchange (IEX). Moreover, they are allowed to trade in other securities without restriction 

Regulatory Focus Remains on IEX Scrip

The selective restriction indicates that regulatory scrutiny remains centred on trading activity in IEX shares. By allowing participation in other securities while restricting IEX trades, regulators appear to be:

• Preventing potential market misuse in the concerned scrip
• Maintaining broader market access for the entities 

This approach reflects a calibrated regulatory stance, balancing enforcement with procedural fairness.

Read more: Petrol, Diesel Excise Cuts to Cost Centre Over ₹1 Lakh Crore in FY27: Report.

Conclusion

The latest NSE circular marks a shift from a blanket market ban to a more targeted restriction in the IEX case, following the SAT’s conditional relief to the entities involved.

While the accounts of the appellants have been unfrozen, trading curbs specific to IEX remain in place, signalling continued regulatory oversight in the matter.

The case underscores SEBI’s ongoing enforcement actions and the role of appellate mechanisms in shaping interim regulatory outcomes.

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