Key Quantitative Figures
- Monetary penalty: ₹10,00,000
- SEBI Registration Number: INM000012102 (Merchant Banker)
Dates of Action
- SEBI Adjudication Order Date: 04th November 2026
- Order Number: Order/AK/GN/2026-27/32850
- Date of Receipt by Company: 05th November 2026 at approximately 10:21 A.M.
- Company Intimation Date: 05th November 2026
Parties Involved
- Regulatory Authority: Securities and Exchange Board of India (SEBI)
- Stock Exchange: BSE Limited
- Company Officials: Sunil Nyati, Chairman & MD (DIN: 00015963)
Details of Violation
The adjudication proceedings arose from a SEBI inspection conducted from 08th July 2025 to 11th July 2025, covering the period from 01st April 2023 to 31st March 2025. The inspection identified non-compliances in:
- SME IPO assignments handled by the company
- Takeover offers handled by the company
- Maintenance of records
- Compliance with disclosure requirements applicable to Merchant Bankers under relevant SEBI Regulations
Company Response
The company is proposing to file an application for settlement under Regulation 3 of the SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2026 in respect of the adjudication proceedings and penalty.
Financial Impact
The financial impact on the company is limited to the monetary penalty of ₹10,00,000. There is no other material impact on the financial position, operations, or other activities of the company arising from the order.
Additional Documentation
The required details under SEBI Master Circular are enclosed as Annexure A, which provides structured information about the authority, nature of action, date of receipt, details of violations, and financial impact.