Mumbai, Aug. 6 -- 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 Rs.109.8 crore from Rs.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. Pen...