In Jaykishor Chaturvedi & Others v. SEBI, decided on July 15, 2025, the Supreme Court clarified the applicability of interest on unpaid penalties under the SEBI Act. The appellants, directors of Brijlaxmi Leasing and Finance Ltd., were penalized in 2014 for insider trading. After their failure to pay and the 2019 Supreme Court upholding of penalties, SEBI initiated recovery in 2022, demanding interest from 2014. The appellants argued interest should apply only from the 2022 notice. The Court, however, ruled that under Section 28A of the SEBI Act, read with Section 220 of the Income Tax Act, interest is mandatory from the date the penalty became payable—i.e., from the 2014 adjudication order, which acted as a notice of demand. The 2022 notice was merely a reminder. It further held that interest is compensatory, not punitive. Dismissing the appeals, the Court directed the appellants to pay interest from 2014 within 15 days, confirming that liability accrues automatically after the initial 45-day deadline.