SEBI Penalises Portfolio Manager First Global, Directors For Outsourcing Core PMS Functions

The Securities and Exchange Board of India (SEBI) has imposed a cumulative penalty of Rs. 42 lakh on First Global Finance Pvt. Ltd., its Managing Director Devina Mehra, and Director Neeraj Khanna. The regulator found that the firm invested client funds based on the advice of another entity, outsourced core portfolio management and investment-related activities, and disseminated misleading advertisements and exaggerated performance claims. SEBI Chief General Manager N. Murugan passed the order...

SEBI Penalises Investment Adviser ₹5 Lakh For Operating Without Valid NISM Certification, Other Lapses

The Securities and Exchange Board of India (SEBI) has imposed a ₹5 lakh penalty on Rajiv Sharma, proprietor of Capital Life Market Research, for continuing to provide investment advisory services without valid mandatory NISM certifications and for multiple compliance lapses relating to record maintenance, KYC updates, and reporting requirements. The order was passed by SEBI Adjudicating Officer Jai Sebastian. “The Noticee, being an IA, was duty-bound to remain fully compliant with all...

SEBI Fines IDBI Trusteeship ₹2 Lakh For Delays In Default Notices, Debenture Holder Meetings

The Securities and Exchange Board of India has imposed a penalty of ₹2 lakh on IDBI Trusteeship Services Limited (ITSL) for failing to comply with certain regulatory obligations applicable to debenture trustees in cases of issuer defaults, including delays in issuing default notices to investors and convening debenture-holder meetings within prescribed timelines.The order was passed by SEBI's Adjudicating Officer Jai Sebastian following a thematic inspection undertaken to assess compliance by...

SEBI Orders Sanbun Investments Proprietor To Refund ₹4.72 Crore, Bars Him From Securities Market For 3 Years

The Securities and Exchange Board of India (SEBI) has directed Nishaan Singh, proprietor of Sanbun Investments and Sanbun Capital Hedge Fund, to refund ₹4.72 crore collected from clients and investors through unregistered portfolio management activities. The regulator also barred him from the securities market for three years. SEBI Quasi-Judicial Authority N Murugan passed the order on May 26 while re-determining the amount following a remand from the Securities Appellate Tribunal, which had...

Supreme Court Stays SEBI Dividend Default Prosecution Against Former Zylog Systems Executive Till Next Hearing

The Supreme Court on Wednesday stayed the Madras High Court's April 6, 2026 order refusing to quash criminal proceedings initiated by SEBI against Parthasarathy Srikanth, former Executive Director of Zylog Systems Ltd. The proceedings are pending before the Principal Sessions Court, Chennai, over the alleged failure to disburse Rs. 16.44 crore in declared dividends to shareholders. A Bench of Justices P.K. Mishra and N.V. Anjaria, while issuing notice, stayed further proceedings in the...

SEBI Fines Catalyst Trusteeship ₹2 Lakh For Wrong CRA Disclosure and Delay In Default Reporting

The Securities and Exchange Board of India (SEBI) has imposed a penalty of ₹2 lakh on Catalyst Trusteeship Limited for furnishing incorrect information to a credit rating agency, delaying a mandatory press release on an issuer default, and failing to update default history information on the India BondInfo database within the prescribed timelines. It dropped a separate charge relating to delay in notifying debenture holders. The order was passed by Adjudicating Officer Jai Sebastian in...

SEBI Proposes Framework For Managing Options Strike Availability During Sharp Intraday Volatility

The Securities and Exchange Board of India (SEBI) on Monday proposed a framework for introducing and managing options strike contracts in the derivatives market, aiming to ensure relevant contracts remain available when markets see sharp intraday volatility. According to SEBI, stock exchanges currently follow different approaches for introducing and managing strike prices for options contracts. The regulator said sharp intraday price movements can push the market beyond the available range of...

SEBI Impounds ₹20.25 Crore, Bars 7 In Alleged Social Media Stock Manipulation Scheme

The Securities and Exchange Board of India (SEBI) has passed an ex parte interim order against seven members of a family, alleging that they built positions in select scrips, promoted them through X, WhatsApp and Telegram to induce public buying, and then offloaded their holdings for gains. Whole Time Member Kamlesh C Varshney, who passed the order, impounded ₹20.25 crore, said to represent alleged wrongful gains, and restrained all seven noticees from accessing the securities market. “I am of...

SEBI Cancels Registrations Of 3 AIFs For Failure To File Mandatory Quarterly Reports

The Securities and Exchange Board of India (SEBI) on Friday cancelled the registrations of three Alternative Investment Funds (AIFs), Ventureland Asia Advisors Services LLP, Indostar Credit Fund, and Indostar Recurring Return Credit Fund, for failing to file mandatory Quarterly Activity Reports (QARs) through the prescribed SEBI Intermediary Portal.SEBI's Designated Authority S. Madhusudhanan noted that all registered AIFs are required under the AIF Regulations, 2012 and the SEBI Master Circular...

SEBI Fines Shubhlaxmi Jewel Art Promoter Group ₹10 Lakh For Failing To Make Mandatory Open Offer

The Securities and Exchange Board of India has imposed a ₹10 lakh penalty, jointly and severally, on the promoter and promoter-group members of Shubhlaxmi Jewel Art Limited. The penalty was for acquiring more than 5% additional voting rights without making the mandatory open offer under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. SEBI Adjudicating Officer Amit Kapoor held that promoter Narendrasinh J. Chauhan and seven promoter-group members, being persons...

SEBI Proposes Changes To IPO, Re-Listed Share Price Discovery Framework; Tweaks Dummy Price Band Rules

SEBI has proposed changes to the first-day price discovery framework for re-listed shares and certain corporate restructuring cases, including a revised base price methodology to replace the existing approach that relies on book value in some situations. It has also proposed changes to the dummy price band mechanism and suggested continuing call auction sessions beyond the first trading day where no price is discovered. In a consultation paper issued on Thursday, SEBI said it had received...

Employers May Soon Be Able To Make Mutual Fund Payments For Employees Through Salary Deductions

The Securities and Exchange Board of India (SEBI) on Wednesday proposed allowing employers to make mutual fund payments on behalf of employees through salary deductions, in a significant easing of existing rules that currently require investments to be made only from an investor's own bank account. If approved, the facility would be available to employees of listed companies, EPFO-registered companies and asset management companies who voluntarily opt for it and choose the mutual fund schemes...