SEBI imposed a ₹3 lakh penalty on Ortem Securities for multiple regulatory violations discovered during a thematic inspection of its Authorized Persons.
Violations included unauthorized terminal operation, failure to inspect AP for 3 years, and non-maintenance of mandatory pre-order confirmations.
The broker admitted to lapses but cited miscommunication and system crashes, and has since implemented corrective measures and registered a new corporate AP.
No quantifiable investor loss or disproportionate gain was found, but the penalty was levied under Section 15HB of the SEBI Act.