Status note: This is a draft circular issued for public comments on July 23, 2026. It is not law yet. Comments close on August 13, 2026, and the final circular is proposed to take effect three months after it is issued. Until then, the existing framework under the ODR Master Circular of July 31, 2023, […]
When an investor decides to fight a broker, the fight is really about documents. Who placed the order. Whether a contract note ever left the broker’s system. Whether the SMS and the email went out. Which terminal the trade came from. Sudhir Agarwal went looking for exactly that set of documents. On May 31, 2026,
Most SEBI orders that make the news involve fraud, manipulation, or money that vanished. The Firstcapital Alternate Investment Trust SEBI order has none of that, and that is exactly why it deserves five minutes of your time. A registered fund just lost its licence entirely, without a single rupee being stolen, because it treated a
If you hold a mutual fund, and crores of Indians do, this case is closer to your money than almost any broker dispute. Axis Mutual Fund managed around ₹2,48,000 crore across roughly 1.28 crore investor accounts at the time. When a fund that size decides to buy a stock, the order is so large it
You have probably never heard of Madhav Stock Vision, and until this order, there was no reason to. Then SEBI published the recordings, and a scheme built on nothing more than a shared office floor and a pair of good ears came apart in public. No hacking, no forged documents, no complex derivatives. Two dealers
Most people who lost money with Stark Investments were not reckless. They were shown a professional-looking deck. They met people with real CVs from large, recognisable financial institutions. They were told about a proprietary model built on algorithms, shown quarterly performance sheets beating the Nifty, and given a number for the worst case: your downside
There is a rule that exists for one reason. A research analyst cannot trade in a stock 30 days before and 5 days after recommending it. The reason is obvious once you say it out loud. Otherwise, the analyst can buy first, tell you to buy, and sell into the demand they created. SEBI’s order
The whole thing started with one complaint. One person who lost money filed with SEBI, and probably assumed nothing would come of it. That complaint turned into an examination of a free Telegram channel called Intraday Jackpot. What SEBI found was a paid subscription operation that ran for over four years and pulled in more
SEBI showed up at the office of Amit Guruh Sachdeva without warning on March 14, 2024. Two days of surprise inspection. And what they took away included his call recordings. Those recordings are the whole case. SEBI’s order dated May 27, 2026, records that his relationship managers were telling people who filled a form on
On July 16, 2026, the NSE issued a formal caution notice against a person named Disha, who claimed to be associated with an entity called TradeInn. The operation runs through the mobile number 79xxxxxx56 and the website tradeinn.in. NSE confirmed TradeInn is providing dabba trading and illegal trading services. NSE also confirmed that a police
In January 2021, an investor named Pankaj Kumar filed a complaint with SEBI. He had been promised ₹1,000 a day. He had handed over his money to a stock advisory. It was gone. On July 15, 2026, SEBI passed an order directing that his money be returned to him. The amount was ₹410. What the
A man in Madhya Pradesh pretended to be a SEBI-registered advisor, promised people huge guaranteed profits, and collected more than ₹47 lakh from investors. On July 9, 2026, SEBI caught up with him. He has been told to return every rupee, pay a penalty of ₹7 lakh, and stay out of the market for a
