Supreme Court Defreezes Accounts Of Trader Involved In CNBC Awaaz 'Pandya Ka Funda' Market Manipulation Case

The Supreme Court on Friday ordered the defreezing of the bank accounts of trader Alpesh Vasanji Furiya, who is accused by SEBI of trading on advance knowledge of stock recommendations aired by CNBC Awaaz anchor Pradeep Pandya on the programme 'Pandya Ka Funda'. The Court passed the order after noting that ₹8.39 crore had already been deposited towards the disgorgement amount. The Court also directed that the amount lying in an escrow account shall continue. It issued notice on Furiya's...

Supreme Court Sets Aside Fraud Findings, ₹447-Crore Disgorgement Order Against Reliance In RPL Futures Trading Case

The Supreme Court on Friday partly allowed Reliance Industries Limited's appeal in the Reliance Petroleum Limited (RPL) futures trading case, setting aside findings of fraud and market manipulation, quashing a ₹447.27 crore disgorgement order, and directing the refund of ₹250 crore deposited by the company. However, the Court upheld the finding that Reliance had violated disclosure requirements relating to position limits under a 2001 Securities and Exchange Board of India (SEBI) circular and...

SEBI Censures 'stockbenifits.com' Operator Over Assured 18-20% Return Claims

The Securities and Exchange Board of India (SEBI) has issued a regulatory censure against the operator of 'stockbenefits.com' after finding that relationship managers associated with the website assured prospective clients of “18-20%” profits and that the research analyst failed to cooperate during a regulatory inspection. SEBI Quasi-Judicial Authority Biju S. passed the order. “The RMs of the Noticee were clearly trying to influence the decision of the investors by assuring them guaranteed...

SEBI Drops ₹6 Lakh Penalty On Rajendra Pathak In KLIL Case, Finds No Proof Of CFO Role

The Securities and Exchange Board of India (SEBI) on Wednesday, 27 May, set aside the penalty of Rs. 6 lakh imposed on Rajendra Pathak in the matter of K-Lifestyle & Industries Ltd. and dropped all proceedings against him, holding that there was no sufficient evidence to prove that Pathak worked as the company's Chief Financial Officer (CFO) during the relevant period or that he certified any misstated financial statements. Quasi-Judicial Authority Biju S. passed the order in compliance...

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...