SEBI
SEBI Holds VCF Cannot Continue Beyond Tenure, Imposes ₹20 Lakh Penalty On Forum Synergies
The Securities and Exchange Board of India (SEBI) by an order dated February 23, imposed a monetary penalty of Rs. 20 lakhs on Forum Synergies India Trust, its Investment Manager and Trustee in connection with India Knowledge Manufacturing Fund-I, for failure to initiate winding up of the scheme upon expiry of its stipulated tenure, in violation of Regulation 23(1)(a) of the SEBI (Venture Capital Funds) Regulations, 1996. Adjudicating Officer Jai Sebastian, held that a venture capital fund...
Assured Returns: SEBI Suspends Sai Proficient Research's Investment Adviser Registration For One Year
The Securities and Exchange Board of India has suspended the certificate of registration of Sai Proficient Research Investment Advisory, proprietorship of Meeshika Vishwakarma, for one year after finding that it promised assured returns to clients in violation of securities market norms.SEBI's Whole Time Member Amarjeet Singh passed the order in proceedings initiated against Vishwakarma, who is registered with SEBI as an Investment Adviser, pursuant to complaints alleging violations of...
SEBI Notifies Broker Registration Process, Circular Effective From 7 Jan 2026 Retrospectively
The Securities and Exchange Board of India (SEBI) on 17 February 2026 issued a circular specifying the application forms and certificate format for registration of stock brokers and clearing members under the SEBI (Stock Brokers) Regulations, 2026. SEBI clarified that while earlier forms were prescribed under the repealed SEBI (Stock Brokers) Regulations, 1992, the new regulations empower the Board or a recognised stock exchange to specify such forms. Accordingly, the application forms and...
SEBI Constitutes Working Group To Review ESG Rating Framework
The Securities and Exchange Board of India on 18 February constituted a working group to review the regulatory framework governing ESG Rating Providers (ERPs), which are agencies that rate companies based on environmental, social and governance standards. The Press Release stated: “The decision has been taken based on feedback received from market participants and stakeholders regarding the existing regulatory framework.” The working group includes representatives from issuers, investors,...
SEBI Slaps ₹1.35 Crore Penalty On Oriental Trimex For Manipulating Financial Statements
On Wednesday 18 February, the Securities and Exchange Board of India imposed monetary penalties totalling Rs.1.35 crores on Oriental Trimex Limited (OTL), its promoters and connected entities for manipulating financial statements and disseminating misleading disclosures to the stock exchange. SEBI's Adjudicating Officer, Amit Kapoor (the AO) held that OTL had misled the investors and induced them to trade in its shares based on misleading financial statements. He wrote: “I note that during...
SEBI Opens Special Window For Transfer Cum Dematerialisation Of Physical Securities
The Securities and Exchange Board of India has introduced a special window to facilitate transfer cum dematerialisation of physical securities, providing relief to investors who were unable to complete transfers before April 1, 2019 due to procedural or documentation-related challenges. By way of a circular dated January 30, 2026, SEBI said the special window will remain open from February 5, 2026 to February 4, 2027, enabling such investors to regularise and complete transfer cum...
SEBI Mandates 2x Peak Load Capacity For Commodity Derivatives Exchanges, Clearing Corporations
The Securities and Exchange Board of India (SEBI) has recently directed stock exchanges and clearing corporations in the commodity derivatives segment to maintain installed system capacity at least twice their projected peak load. This effectively requires exchanges in the segment to prepare their systems for traffic levels well above expected peak volumes. SEBI noted that Clause 16.1.2 of Chapter 16 of its Master Circular for Commodity Derivatives Segment dated August 4, 2023, requires stock...
Unregistered Investment Advisory: SEBI Orders Divinecommodity.co's Madhav Tiwari To Refund ₹17.48 Lakh
The Securities and Exchange Board of India (SEBI) has recently directed Madhav Tiwari, proprietor of Divinecommodity.co, to refund money to investors after finding that he had carried out investment advisory activities without registration. SEBI had earlier, in September 2024, passed an order against Tiwari for providing investment advisory services without registration. It held that Tiwari had misrepresented himself as a SEBI-registered advisor, collected funds from investors, and...
SEBI Cuts Rs 67-Crore Penalty On GDR Subscriber In Winsome Textile Case To ₹20 Lakh
The Securities and Exchange Board of India (SEBI) has reduced the penalty on Arun Panchariya from Rs 67 crore to Rs 20 lakh in the Winsome Textile Industries GDR case, following a remand by the Securities Appellate TribunalSEBI's Quasi Judicial Authority, Biju S, passed the order after reconsidering the quantum of penalty in light of the findings and directions issued by the SAT. The regulator had, in December 2021, passed an order against Panchariya and 17 others in connection with the GDR...
SEBI Holds Unison Metals Shares Were Manipulated Via Telegram Tips, Bars 15 Entities From Market
The Securities and Exchange Board of India (SEBI) has recently passed a final order holding that the shares of Unison Metals Limited were manipulated through stock recommendation tips circulated on Telegram channels. The regulator barred 15 noticees from accessing the securities market for periods ranging from one to three years, ordered disgorgement of unlawful gains and imposed monetary penalties, while dropping proceedings against two noticees.Whole Time Member Amarjeet Singh held that the...
SEBI Censures Investment Adviser, Says Firm Cannot Escape Liability For Employee Misconduct
The Securities and Exchange Board of India (SEBI) has recently censured investment advisory firm Winway Research for multiple regulatory violations, holding that the firm failed to act as a fiduciary and could not escape responsibility for misconduct by its own employee. The order was passed by SEBI Whole Time Member Amarjeet Singh.In the order, the regulator made it clear that an adviser cannot distance itself from wrongdoing that occurs during the course of employment. “An employee of the...