sebi:QJA/SS/CFD/CFD-SEC-5/31406/2025-26
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
SCN disposed of without any action/direction against SCML
Provisions invoked
- s. 19
Regulations
- Reg. 12
- Reg. 27(5)
- Reg. 8(4)
Parties
- SREI Capital Markets Limited
Holding
The show cause notice against SREI Capital Markets Limited was disposed of without any action/direction.
Full text
Order in the matter of SREI Capital Markets Limited Page 2 of 3 Infrastructure Finance Limited (‘SIFL’), the holding company of SCML had commenced under the Insolvency and Bankruptcy Code, 2016 (‘IBC’) and the resolution plan submitted by National Asset Reconstruction Company Limited (‘NARCL’) was approved vide order dated August 11, 2023 passed by the Adjudicating Authority. Further, as directed by SEBI, there have been no operations or activities in SCML since June 2022 and SCML had not undertaken any merchant banking assignments or activities.
Order in the matter of SREI Capital Markets Limited Page 3 of 3 SCML is not established to be contumacious. No blameworthy defiance of law by SCML is established. Therefore, I am inclined to take a lenient view in the matter and agree with the DA in that the instant proceedings can be disposed of without any adverse action against SCML.
5. I note that regulations 8(4) read with regulation 12 and Schedule II of the MB Regulations, require that, to keep its registration in force, a SEBI registered Merchant Banker must pay a fees of rupees nine lakh every 3 years from the sixth year of its registration. Accordingly, the renewal fee in the matter of SCML was due on January 13, 2024 for the block 2024-2027 but was paid only on December 02, 2024.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:QJA/SS/CFD/CFD-SEC-5/31406/2025-26. 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.