Authority: Amarjeet Singh, Whole Time Member, Securities and Exchange Board of India
Order Date: August 18, 2026
Case Overview
This order stems from a SEBI inspection of Corporate Capital Ventures Private Limited (CCVPL), a registered merchant banker (SEBI Registration No. INM000012276), conducted for the period from April 1, 2021, to January 31, 2023. The inspection examined compliance with multiple regulations, including the SEBI (Merchant Bankers) Regulations, 1992, ICDR Regulations, PFUTP Regulations, Intermediaries Regulations, CAPSM Regulations, and PIT Regulations. A Designated Authority (DA) was appointed, which issued a show-cause notice on April 30, 2024. After considering the Noticee's submissions, the DA submitted an Enquiry Report on June 28, 2024, finding violations and recommending a one-month prohibition from taking new assignments. A Post Enquiry Show Cause Notice was issued on July 25, 2024. The Noticee filed written submissions, was granted an inspection of documents on September 11, 2024, and a hearing on March 4, 2025. The Noticee also filed a settlement application on August 28, 2024, which was later withdrawn and refiled on May 8, 2025, before being ultimately rejected on August 18, 2026, leading to this final order.
The principal allegations involved multiple compliance failures. The most serious initial allegation was the submission of forged/fake certificates during the inspection, though this was not upheld in the final DA recommendations. The violations that were sustained included: failure to update the track record of IPOs (Rudrabhishek Enterprises Limited and Rajnandani Metal Limited) on its website, despite a prior SEBI observation letter dated February 11, 2020; non-compliance with NISM certification requirements for its Key Management Personnel (KMPs), Mr. Kulbhushan Parashar and Mrs. Harpreet Parashar; failure to submit true and correct information regarding the previous SEBI inspection by not disclosing the existence of the February 2020 observation letter; failure to upload an investor charter and disclose complaint data on its website, coupled with a failure to respond to test emails sent to its dedicated investor complaint ID ([investors@ccvindia.com](mailto:investors@ccvindia.com)) on March 1 and 3, 2023; disclosure of misleading information on its website by listing offices in Kolkata, Mumbai, Pune, and Hyderabad under 'Contact Us' without clarifying they were merely marketing offices and not operational branches; and a failure to exercise due diligence and maintain proper records, specifically concerning the site visit report for the IPO of Uma Exports Limited.
The WTM agreed with the DA's findings on all sustained violations. The reasoning focused on the lack of justification for the prolonged non-compliance, especially after business resumed post-COVID in July 2021, and the failure to maintain the standards of care and diligence expected of a SEBI-registered intermediary. The Noticee's defenses, attributing lapses to the pandemic, operational difficulties, team changes, and human error, were deemed insufficient to absolve it of its regulatory responsibilities.
Final Outcome
The Whole Time Member, in exercise of powers under Section 19 of the SEBI Act, 1992, and Regulation 27(5) of the SEBI (Intermediaries) Regulations, 2008, directed that Corporate Capital Ventures Private Limited (INM000012276) is prohibited from taking up any new assignment(s) for a period of one month from the date of this order.
Topics: SEBI Enforcement, Merchant Banking Compliance, Regulatory Action