The Securities Appellate Tribunal (SAT) has dismissed the appeal filed by Religare Enterprises against an order issued by the Securities and Exchange Board of India (SEBI).

The tribunal delivered its verdict on August 19, 2026, rejecting the company's challenge to the regulatory body's directive dated February 14, 2025.

Regulatory Timeline

Religare Enterprises had approached the SAT following the initial SEBI order. The appellate body heard the matter at length before issuing its final decision.

Official Disclosure

The company notified stock exchanges of the development in a filing dated September 1, 2026. Babu Rao P., Group General Counsel and Group Chief Compliance Officer, signed the communication.

The full text of the SAT order is available on the tribunal's official website.

Ashish Dhawan acquired 36,00,238 shares of Religare Enterprises through an open market purchase on August 31, 2026. The transaction increased his stake in the company to 7.41% of the total voting capital.

The acquisition was disclosed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Dhawan, who is not part of the promoter group, executed the trade on August 31, 2026.

Shareholding Structure

Before the transaction, Dhawan held 2,16,80,852 shares carrying voting rights, representing 6.35% of the total share capital. He also held 36,19,148 warrants or convertible securities, which constituted 0.91% of the diluted share capital.

Following the purchase, his total holding of voting shares stands at 2,52,81,090. His overall diluted stake, including warrants, is now 7.28%. The company’s total equity share capital remains unchanged at 34,12,33,742 shares.

What the Numbers Show

Dhawan’s voting stake increased by 1.06 percentage points to 7.41%, while his diluted stake rose by 0.90 percentage points to 7.28%. The divergence between the two metrics reflects the static position in convertible instruments, which were not converted during this transaction period.