JSA successfully represents Mr. Rajesh Mokashi, former MD of CARE Ratings, before SAT, resulting in SEBI’s Order being set aside and costs being imposed on SEBI

JSA has successfully represented Mr. Rajesh Mokashi, former Managing Director of CARE Ratings Limited, in proceedings before the Hon’ble Securities Appellate Tribunal, Mumbai (“SAT”), challenging an order dated April 20, 2023 (“Impugned Order”) passed by the Whole Time Member of the Securities and Exchange Board of India (“SEBI”).

The Impugned Order had restrained Mr. Mokashi from associating with any SEBI-registered intermediary for two years, based on allegations of interference in the rating process relating to DHFL.

By its final order dated June 27, 2025, the SAT, comprising Hon’ble Justice P.S. Dinesh Kumar (Presiding Officer) and Hon’ble Dr. Dheeraj Bhatnagar (Technical Member), allowed Mr. Mokashi’s appeal and set aside the Impugned Order. The SAT imposed a cost of ₹5 lakh on SEBI, observing that:

• Justice B.N. Srikrishna’s independent report had exonerated Mr. Mokashi of all charges, finding no evidence of interference with the rating process.
• SEBI erred in misconstruing the findings of the Srikrishna report.
• The evidence, including cross-examination of key witnesses, did not support SEBI’s conclusion.
• SEBI’s actions were reprehensible and caused colossal loss of judicial time and resources, irreparable damage to Mr. Mokashi’s reputation, and significant financial loss and loss of opportunity.

The matter was led by Pulkit Sukhramani (Partner) with support from JSA’s Disputes team comprising Anshuman Sugla (Senior Associate), Samreen Fatima (Senior Associate), and Juan D’souza (Associate).