SEBI Fines Madhav Copper ₹10 Lakh For Failing To Disclose GST Search And Registration Cancellation

On 28 July, the Securities and Exchange Board of India (SEBI) imposed a penalty of Rs. 10 lakh on Madhav Copper Limited for delaying disclosure of GST proceedings and failing to make continuing disclosures under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Adjudicating Officer Amit Kapoor held: “I note that the search conducted by GST authorities was a material event under Regulation 30 of LODR Regulations and the Noticee was required to disclose the same...

Kerala High Court Dismisses SEBI Appeal Over Escrow Funds Linked To Atlas Ramachandran

The Kerala High Court on Thursday dismissed a writ appeal filed by the Securities and Exchange Board of India (SEBI) challenging a single judge's judgment in Axis Bank's writ petition against an Income Tax Department recovery order concerning funds lying in an escrow account maintained by late Atlas Ramachandran (M.M. Ramachandran).A Division Bench of Justice Devan Ramachandran and Justice Basant Balaji held that SEBI, which was not the writ petitioner, could not maintain a collateral challenge...

SEBI Imposes ₹30 Lakh Penalty On Madhav Stock Vision And Others For Front Running LIC Trades

The Securities and Exchange Board of India (SEBI) on 24 July held that trades executed by Madhav Stock Vision Private Limited (MSVPL) ahead of Life Insurance Corporation of India (LIC) orders using unpublished information amounted to front running, and imposed a consolidated penalty of Rs. 30 lakh on the company and five connected individuals. SEBI Whole Time Member Amarjeet Singh passed the order and directed the noticees to disgorge Rs. 2.51 crore along with interest, while restraining them...

SEBI Debars Former Axis Mutual Fund Dealer, 15 Others In Front-Running Case; Orders ₹30.55 Crore Disgorgement

The Securities and Exchange Board of India (SEBI) has restrained former Axis Mutual Fund Chief Dealer Viresh Joshi and 15 other individuals and entities from the securities market after finding them guilty of orchestrating a front-running scheme involving the mutual fund's trades. Holding that the scheme "directly compromised market integrity and distorted the price discovery mechanism for ordinary investors," the regulator imposed penalties totalling ₹7.40 crore and directed disgorgement of...

SEBI Reference Alone Does Not Make Writ Petition Against Stock Broker Maintainable: Delhi High Court

The Delhi High Court on 22 July held that merely marking a representation or complaint to the Securities and Exchange Board of India (SEBI) does not make a writ petition maintainable when the dispute is essentially between an investor and a private stock broker and alternative statutory remedies are available. A Single Bench of Dr. Justice Swarana Kanta Sharma dismissed a petition filed by Sushil Kumar Verma against SEBI and Indiabulls Securities Limited, holding that the petitioner had...

SEBI Simplifies Transmission Of Securities, Introduces Fast-Track Process For Low-Value Claims

The Securities and Exchange Board of India (SEBI) on Thursday introduced a simplified and standardised framework for the transmission of securities, bringing in a faster process for low-value claims, easing documentation requirements and prescribing uniform procedures for processing transmission requests.The revised framework will apply to listed companies, Registrars and Transfer Agents (RTAs), depositories, depository participants and Asset Management Companies (AMCs). It is aimed at making...

Review Before Tribunal Barred After Withdrawing Supreme Court Appeal Without Liberty: SAT Mumbai

The Securities Appellate Tribunal (SAT) at Mumbai on 22 July held that it cannot entertain review applications against its order after a party invokes the Supreme Court's appellate jurisdiction by filing statutory appeals under the Securities and Exchange Board of India (SEBI) Act and later withdraws those appeals without obtaining express liberty to seek review. A Bench comprising Presiding Officer Justice P.S. Dinesh Kumar with Technical Members Meera Swarup and Dr. Dheeraj Bhatnagar was...

Supreme Court Reserves Verdict In Appeals Against Order On Client Securities Sold To Recover Anugrah Stock Broking's Dues

The Supreme Court on Thursday reserved its verdict in a batch of appeals filed by Edelweiss Custodial Services Ltd., Yes Bank Ltd. and SMC Global Securities Ltd.The appeals arise out of disciplinary proceedings initiated after the collapse of Anugrah Stock & Broking. NSE Clearing alleged that clearing members had sold client securities to recover the broker's proprietary trading dues, contrary to SEBI circulars and exchange regulations.The Securities Appellate Tribunal (SAT) order, in...

SEBI Imposes ₹4 Lakh Penalty On Pace Stock Broking For Compliance Lapses In Axis MF Front Running Probe

The Securities and Exchange Board of India (SEBI) has imposed a ₹4 lakh penalty on a stock broker for failing to furnish trader-wise mapped IP address details in the prescribed manner and for furnishing incorrect information during an investigation into the alleged front-running of trades of Axis Mutual Fund.SEBI Adjudicating Officer (AO) Jai Sebastain passed the order.The regulator initiated adjudication proceedings against Pace Stock, a registered stock broker, following an investigation into...

NSE Moves Supreme Court Against Delhi High Court Ruling Declaring It Public Authority Under RTI Act

The National Stock Exchange has approached the Supreme Court challenging the Delhi High Court's judgment upholding a 2010 ruling which declared NSE as a 'public authority' under the Right to Information Act. The High Court on July 1, 2026 had held that the exchange must be regarded as having been established or at least constituted, by an order of the Central Government since a stock exchange cannot function without governmental recognition and SEBI grants such recognition as the Central...

SEBI Revises Certification Requirements For Distribution Of Specialized Investment Funds

The Securities and Exchange Board of India (SEBI) on Tuesday revised the certification requirements for entities engaged in the sale and distribution of Specialized Investment Funds (SIFs). Under the revised framework, persons engaged in the sale and distribution of SIF products must hold a valid "NISM Series-V-D – Mutual Fund – Specialized Investment Fund Distributors Certification." The certification also authorises them to distribute both Mutual Fund and SIF products without requiring a...

SEBI Fines CDSL ₹1 Crore Over 2022 LockBit Ransomware Attack

The Securities and Exchange Board of India (SEBI) has imposed a Rs. 1 crore penalty on securities depository Central Depository Services (India) Limited (CDSL) after finding that its failure to implement prescribed cybersecurity measures enabled the 2022 LockBit ransomware attack, disrupting settlement activities and affecting investors. SEBI Adjudicating Officer Jai Sebastian, in an order dated July 20, held that CDSL failed to implement several mandatory cybersecurity controls, resulting in...