SEBI Finds Front-Running Of Unifi Capital PMS Trades via Kotak Securities Dealer, Orders ₹1.29 Cr Disgorgement

The Securities and Exchange Board of India (SEBI) has held that eight entities engaged in a front-running scheme by misusing non-public information about trades of portfolio management services firm Unifi Capital Private Limited, accessed through a dealer at Kotak Securities Limited. It directed disgorgement of Rs. 1.29 crore and imposed penalties totalling Rs. 1.52 crore. SEBI Whole Time Member Amarjeet Singh found that the noticees consistently placed trades ahead of Unifi's orders and...

SEBI Extends Deadline For Debenture Trustees To Segregate Non-Regulated Activities To October 2026

SEBI has given debenture trustees six more months to meet conditions governing activities carried out outside its regulatory purview. The move follows amendments notified on October 27, 2025 to the SEBI (Debenture Trustees) Regulations, 1993. These require trustees to shift activities that are not regulated by SEBI into separate business units within six months unless the Board allows more time. The extension comes after industry representations pointed to operational challenges in putting in...

SEBI Imposes ₹8 Lakh Penalty On Golden Tobacco CFO For Certifying Misleading Financial Statements

The Securities and Exchange Board of India (SEBI) on Monday penalised Pawan Kumar Malsaria, Chief Financial Officer of Golden Tobacco Ltd., Rs 8 lakh for signing off on financial statements that did not reflect the company's true financial position.The action follows a probe into the company's accounts over more than a decade, from 2009–10 to 2020–21. Regulators examined whether what appeared in the books matched how the company's funds were actually used. At the centre of the case is a flow of...

Markolines Settles SEBI Proceedings Over IPO Proceeds Disclosure Lapses, Pays ₹12.35 Lakh

Markolines Pavement Technologies Limited, an SME on Monday settled adjudication proceedings initiated by the Securities and Exchange Board of India (SEBI) over its failure to file statements of deviation or no deviation in the utilisation of IPO proceeds, with the regulator accepting a settlement amount of Rs 12.35 lakh.The proceedings stemmed from an examination report received by SEBI from BSE concerning the failure of the applicant, a company listed on the BSE SME platform, to file statements...

SEBI Proposes Shift In Broker Net Worth Norms From Client Funds Held To Client Balances And Client Base

The Securities and Exchange Board of India (SEBI) has proposed shifting the calculation of brokers' variable net worth from a metric based on client funds retained with them to a composite formula based on client credit balances and the size of their client base. The requirement itself came in 2022, when brokers were asked to maintain net worth equal to ten percent of the average daily cash balance of client funds retained with them over the previous six months. That approach, SEBI said, has...

SEBI Proposes Shorter Payment Timelines, Clear Release Rules For Unpaid Securities

SEBI has proposed to let brokers set a shorter deadline for clients to pay for trades and to lay down clear timelines for when unpaid securities must be released, invoked, or automatically unblocked. The regulator noted that at present, unpaid securities are credited to the client's demat account and remain pledged in favour of a separate “Client Unpaid Securities Pledgee Account” until the payment obligation is met.It said representations from the Brokers' Industry Standards Forum had pointed...

SEBI Allows Net Settlement Of Funds For FPIs In Cash Market

The Securities and Exchange Board of India has allowed net settlement of funds for transactions undertaken by Foreign Portfolio Investors in the cash market to improve operational efficiency and reduce funding costs. Under the existing system, FPIs are required to settle transactions on a gross basis. This results in separate fund flows for purchases and sales within the same settlement cycle, leading to higher liquidity requirements and additional costs, including those arising from forex...

SEBI Imposes ₹30 Lakhs Penalty On 11 Entities For Manipulative Trading In Veer Global Scrip

On 22 April 2026, the Securities and Exchange Board of India (SEBI) imposed a consolidated penalty of Rs. 30 lakh on 11 entities for engaging in fraudulent and manipulative trading in the scrip of Veer Global Infraconstruction Ltd, in violation of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003. Adjudicating Officer (AO) Sudeep Mishra passed the order and held that such manipulative trading patterns undermine market integrity and...

ICICI Prudential Entities Settle SEBI Case Over Delay In Winding-Up Of Real Estate Scheme, Pay ₹14.35 Lakh

ICICI Prudential Venture Capital Fund, along with ICICI Prudential Asset Management Company Ltd. and ICICI Prudential Trust Ltd., has settled proceedings before SEBI by paying Rs. 14.35 lakh over delays in winding up and distributing proceeds from its 2013 real estate scheme.The applicants, ICICI Prudential Venture Capital Fund, ICICI Prudential Asset Management Company Ltd., and ICICI Prudential Trust Limited, had filed suo motu settlement applications under the SEBI (Settlement Proceedings)...

Motilal Oswal AIF Settles SEBI Proceedings Over AIF Regulation Violations, Pays ₹38.76 Lakh

Motilal Oswal Alternative Investment Trust and Motilal Oswal Asset Management Company Ltd have opted to settle a case for alleged violations of the SEBI (Alternative Investment Funds) Regulations, 2012, after paying Rs. 38.76 lakh, with the regulator disposing of the proceedings in terms of the settlement.The matter arose from observations that the AIF had retained Rs. 8.69 crore from 109 defaulting investors as a penalty instead of crediting the same to the scheme for the benefit of other...

SEBI Lowers Credit Risk Threshold, Expands REIT Risk Classification Framework In 2026 Amendment

On 16 April 2026, the Securities and Exchange Board of India (SEBI) notified the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2026, amending the 2014 Regulations. The amendment reduces the minimum credit risk value requirement from 12 to 10 and expands the risk classification framework by introducing “Class B-I” alongside “Class A-I”. The regulations came into force on the date of their publication in the Official Gazette, i.e., 16 April 2026.

SEBI Imposes ₹18 Lakh Penalty On Lypsa Gems, Promoters and Directors For Misrepresentation, Disclosure Lapses

The Securities and Exchange Board of India (SEBI) on Thursday imposed penalties totalling Rs 18 lakh on Lypsa Gems & Jewellery Limited (LGJL) and its promoters and directors for misrepresentation and concealment of material information in its financial statements and disclosures, holding that the company misled investors and compromised market integrity. The order was passed by SEBI's Adjudicating Officer Sudeep Mishra.It follows a probe into the company's financial affairs spanning FY...