The Gujarat High Court lifted interim protection for three people accused of presenting themselves as registered investment research analysts, allowing the investigation to continue.
Judge / Bench — Justice Mool Chand Tyagi.
In Ruzan Arizbhai Khambhata v State of Gujarat (IA 1/2026 in R/SCR.A. 2080/2024, 4 November 2026), the court said passing the NISM examination did not establish registration with SEBI. A SEBI communication obtained after the earlier order warranted reconsideration. The court made no finding of guilt and left the underlying petition open.
Advocates appearing — Applicant and original complainant: Jubin Bharda with Shaival M. Patel. State, respondent 1: Jirga Jhaveri, Additional Public Prosecutor. Respondents 2–4 and original petitioners: Devesh K. Shah.