SEBI Imposes ₹40 Lakh Penalty On 4 For Unregistered Investment Advice Through Telegram Channels

The Securities and Exchange Board of India (SEBI) has imposed a total penalty of ₹40 lakh on four individuals for engaging in unregistered investment advisory activities through Telegram channels such as “Intraday Jackpot” and “Professional Day Trading Institute”. SEBI's Quasi Judicial Authority N Murugan passed the order. “The prescriptions the IA/RA Regulations are intended to safeguard the interest of investors and to curb the perpetration of unregistered entities entering the field of...

SEBI Allows Most AIFs To Launch Schemes In 30 Days Under Fast-Track Rules, Excludes Large-Value Funds

The Securities and Exchange Board of India (SEBI) on Thursday introduced a fast-track mechanism allowing Alternative Investment Funds (AIFs), except Large Value Funds, to launch schemes and circulate placement memorandums (PPMs) 30 days after filing with the regulator.The move is aimed at easing timelines for fund launches by shifting to a disclosure-based regime, while retaining regulatory oversight through post-filing review. Under the circular, AIFs (other than Large Value Funds) can proceed...

SEBI Penalises Three Individuals ₹5 Lakh Each For Non-Cooperation In Rajesh Exports Front-Running Probe

The Securities and Exchange Board of India (SEBI) has fined three individuals Rs. 5 lakh each for not cooperating with an investigation into suspected front-running in the shares of Rajesh Exports Ltd. The regulator found that they failed to share information and, in some instances, gave incorrect responses during the probe. The order, passed by Adjudicating Officer Amit Kapoor, notes that Navnit Gadoya, Chiranggi Irish Shah and Surbhi Aggarwal were given multiple chances to respond but did...

SEBI Slashes Arun Panchariya's Penalty From ₹25 Crore To ₹20 Lakh In Winsome Yarns GDR Case

The Securities and Exchange Board of India (SEBI) has reduced the penalty imposed on Arun Panchariya, a key figure linked to the GDR fraud issue of Winsome Yarns Ltd., to Rs 20 lakh. The reduction follows directions of the Securities Appellate Tribunal (SAT) to recompute the quantum of penalty in light of penalties imposed in similar cases and the absence of a conclusive money trail. The matter was presided over by SEBI's Quasi-Judicial Authority, Biju S. SEBI had originally found Panchariya...

SEBI Operationalises PaRRVA Framework For Verification Of Past Risk And Return Data

On 29 April, the Securities and Exchange Board of India (SEBI) operationalised the framework for the Past Risk and Return Verification Agency (PaRRVA), pursuant to its circular dated 4 April 2025. In its circular, SEBI has recognised Care Ratings Limited as the PaRRVA, while the National Stock Exchange has been designated as the PaRRVA Data Centre under the newly operationalised framework. Care Ratings will begin providing its services after completion of the pilot-phase with operations...

Supreme Court Reserves Verdict On Kotak AMC Plea Against SAT Ruling On Essel Group-Linked Mutual Fund Investments

The Supreme Court on Thursday reserved its verdict on appeals challenging a Securities Appellate Tribunal ruling that upheld findings of regulatory violations against Kotak Mahindra Asset Management Company in Essel Group-linked mutual fund investments while setting aside disgorgement ordered by SEBI.A bench of Justices Dipankar Datta and Satish Chandra Sharma reserved the judgment after hearing the parties.SAT in its order held that Kotak AMC failed to adequately assess the financial strength...

SAT Stays SEBI Debarment of Unison Metals MD, Says Market Ban For Sharing Public Shareholder Data 'Harsh'

The Securities Appellate Tribunal (SAT) has stayed a SEBI order debarring the Managing Director of Unison Metals Ltd. and two others from accessing the securities market, holding that the only allegation against them was sharing shareholder data that is otherwise publicly accessible. “We are of the prima facie opinion that in the interest of investors, the consequences of the impugned order can be deferred pending final hearing.” A bench of Presiding Officer Justice P.S. Dinesh Kumar and...

SEBI Penalises Axis Trustee ₹10 Lakh In Embassy REIT Case For Delay In Disclosing NFRA Action Against CEO

The Securities and Exchange Board of India (SEBI) on Wednesday imposed a penalty of Rs. 10 lakh on Axis Trustee Services Ltd for failing to ensure timely disclosure of a regulatory action against the CEO of the manager of Embassy Office Parks REIT and for not independently assessing his “fit and proper” status. Adjudicating Officer Jai Sebastian held that the trustee failed to discharge its statutory duty to ensure timely disclosures and to exercise independent oversight over the manager, as...

SEBI Slaps ₹1 Lakh Penalty On Asirvad Micro Finance Over NCD Issuance Violations

On 28 April, the Securities and Exchange Board of India (SEBI) imposed a penalty of Rs. 1 lakh on Asirvad Micro Finance Limited, a subsidiary of Manappuram Finance Limited, for violations relating to the issuance of Non-Convertible Debentures (NCDs). Adjudicating Officer Sudeep Mishra held that although Asirvad structured the issuance as a private placement, it amounted to a deemed public issue and therefore attracted compliance with statutory requirements. He observed: “…where the allotment...

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...