sebi:Order/AK/RK/2025-26/31367-31370
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Facts / Headnote
Noticee 1 held liable for violations and imposed monetary penalty under Section 15HB of SEBI Act; Noticees 2, 3 and 4 (directors) not held liable.
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 27
- s. 15J
- s. 28A
- s. 141
- s. 27(1)
- s. 23
- s. 27(2)
Regulations
- Reg. 6
- Reg. 9(f)
- Reg. 51A(2)
Parties
- Credavenue Securities Private Limited (Noticee 1)
- Mr. Vineet Sukumar (Noticee 2)
- Mr. Gaurav Kumar (Noticee 3)
- Mr. Anup Wadhawan (Noticee 4)
Holding
Noticee 1 (Credavenue Securities Private Limited) violated SEBI (Stock Brokers) Regulations, NCS Regulations and SEBI Circulars by routing 52% of listed debt security trades (Rs 1190.85 crores) through OTC instead of RFQ platform and by settling listed SGB trades off-market, and is liable to monetary penalty under Section 15HB of the SEBI Act. Noticees 2, 3 and 4 (directors) cannot be held liable as their roles were not examined in relation to the lapses of Noticee 1.
Full text
Adjudication Order in the matter of inspection of Credavenue Securities Private Limited Page 2 of 29 period from March 28, 2023 to June 30, 2024 (hereinafter referred to as “Inspection period/IP”).
Adjudication Order in the matter of inspection of Credavenue Securities Private Limited Page 3 of 29 APPOINTMENT OF ADJUDICATING OFFICER
Adjudication Order in the matter of inspection of Credavenue Securities Private Limited Page 4 of 29 Clause 3.4.1 of Annex-XXI- A read with Clause 5.2.1 of Chapter XXI of SEBI Master Circular SEBI/HO/DDHS/PoD1/P/CIR/2024/54 dated May 22, 2024 by failing to ensure that all the orders placed on OBP platform of Noticee 1 with respect to listed debt securities was routed through the RFQ platform of a recognized stock exchange.
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Source: SecMarx — sebi:Order/AK/RK/2025-26/31367-31370. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.