Authority: Adjudicating Officer, Securities and Exchange Board of India (SEBI)

Order Date: October 08, 2026

Case Overview

SEBI conducted a theme-based inspection of VCK Share & Stock Broking Services Limited (Registration No. INZ000215030) concerning its Authorized Persons (APs) for the period from April 01, 2024 to April 30, 2025. The inspection revealed two primary violations:

1. Unauthorized Operation of CTCL Terminals: At four AP locations, Computer to Computer Link (CTCL) terminals were found to be operated by persons other than the approved users registered with the stock exchange:

  • Ms. Meera Kampani's terminal (CTCL ID-380015348001) was operated by her spouse, Mr. Sandip Kampani (director of Noticee)
  • Ms. Mamta Kumari Pradhan's terminal (CTCL ID-831005347001) was operated by her husband, Mr. Shailesh Kumar Yadav
  • Mr. Pradip Kumar Misra's terminal (CTCL ID-700154350001) was operated by himself despite his spouse being the approved user
  • Mr. Ajay Kumar Shaw's terminal (CTCL ID-700054303001) was operated by Mr. Debangsu Guha

2. Lack of Mandatory NISM Certification: Five APs (Ms. Meera Kampani, Ms. Mamta Kumari Pradhan, Mr. Pradip Kumar Misra, Mr. Ajay Kumar Shaw, and Mr. Debasis Bera) were operating without the mandatory NISM Series VII (Securities Operations and Risk Management) Certification required under SEBI Notification No. LAD-NRO/GN/2010-11/21/29390 dated December 10, 2010.

The Noticee was charged with violating clause (xix) of regulation 26 of the SEBI (Stock Brokers) Regulations, 1992, clauses A(1) and A(2) of the code of conduct specified in Schedule II of the Regulations, and the SEBI Notification. During the personal hearing on September 02, 2026, the Noticee's director Mr. Hemal Kampani admitted to the violations regarding terminal operation and claimed most NISM certifications had been obtained, but failed to provide documentary evidence or a written reply despite multiple opportunities.

Final Outcome

SEBI imposed a monetary penalty of ₹2,00,000 (Rupees Two Lakh only) on VCK Share & Stock Broking Services Limited under section 15HB of the SEBI Act for the violations. The penalty must be paid within 45 days of receipt of the order through SEBI's online payment facility. Failure to pay may lead to recovery proceedings under section 28A of the SEBI Act.

Topics: SEBI Enforcement, Broker Compliance, Regulatory Penalty