Action(s) initiated or orders passed

Date: 03.10.2026 Listing Operations Listing Department BSE Limited, National Stock Exchange of India P J Towers, Dalal Street, Limited, Mumbai-400001, India Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Scrip Code: 543263 Bandra Debentures Scrip Code: (E ) Mumbai – 400051 940727,940717,940317,940325,940319, 940323,939655,940725,940321,939651, Symbol: SMCGLOBAL 939657,940327,939647,940719,940721 and 940723 Subject: Disclosure under regulation 30 of SEBI (Listing Obligations & Disclosures Requirements) Regulations, 2015 with respect to the penalty levied by SEBI. Dear Sir/ Ma’am, Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform that the SEBI has issued an Adjudication Order vide No. Order/AK/GN/2026-27/32758 and levied a penalty of Rupees 1,00,000/-. The above intimation is also being made available on the Company's website at www.smcindiaonline.com. Kindly take the same on record. For SMC Global Securities Limited Suman Kumar E.V.P. (Corporate Affairs & Legal), Company Secretary & General Counsel Membership No. F5824 BEFORE THE ADJUDICATING OFFICER SECURITIES AND EXCHANGE BOARD OF INDIA [ADJUDICATION ORDER NO.: Order/AK/GN/2026-27/32758] UNDER SECTION 15-I OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ WITH RULE 5 OF SEBI (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 1995 IN RESPECT OF; SMC GLOBAL SECURITIES LTD. PAN AAACS0581R In the matter of SMC Global Securities Ltd. Background 1. Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) conducted a thematic inspection on the theme of “Verification of Unauthorized trading complaints and client order placement” of SMC Global Securities Limited (hereinafter referred to as Noticee) for the period from January 01, 2024 to September 30, 2024 (hereinafter referred to as Inspection Period). 2. Noticee is a member of BSE, NSE, MCX and NCDEX with SEBI Registration No. INZ000199438 as stock broker. 3. Based on the findings of inspection and reply dated April 16, 2025 received from the Noticee, certain alleged non-compliances of SEBI (Stock Brokers) Regulations, 1992 (hereinafter referred to as Stock Brokers Regulations) and circulars issued by SEBI and NSE were observed. Appointment of Adjudicating Officer 4. Hence, SEBI approved initiation of adjudication proceedings and vide communique dated July 01, 2025, appointed the undersigned as the Adjudicating Officer u/s 15- I of SEBI Act, 1992 (hereinafter referred to as ‘SEBI Act’) and Rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as ‘Adjudication Rules’) r/w Section 19 of the SEBI Act to inquire into and adjudge u/s 15HB of SEBI Act, the violations allegedly committed by the Noticee. Adjudication Order in the matter of SMC Global Securities Ltd. Page 1 of 20 SHOW CAUSE NOTICE, REPLY AND HEARING 5. Show Cause Notice (hereinafter being referred to as the “SCN”) dated July 30, 2025 was issued to Noticee in terms Rule 4(1) of Adjudication Rules to show cause as to why an inquiry should not be initiated against Noticee and why penalty, if any, should not be imposed upon Noticee under Section 15HB of SEBI Act for the alleged violations, if established. 6. Following are the allegations made against the Noticee in the SCN- 6.1 During inspection it was observed that Noticee did not maintain records relating to client order placement thereby Noticee allegedly violated Regulation 9(b) of Stock Broker Regulations read with Clause 34.2 of Master Circular for Stock Brokers dated August 9, 2024 read with Regulation 3.2.1 of NSEIL CM regulation , Regulation 3.4.1 of NSEIL FO regulation , SEBI circular CIR/HO/MIRSD/MIRSD2/CIR/P/2017/108 dated September 26, 2017 and CIR/HO/MIRSD/MIRSD2/CIR/P/2017/124 dated November 30, 2017 and SEBI/HO/MIRSD/DOP1/CIR/P/2018/54 dated March 22, 2018, NSE/ISC/60035 dated December 29, 2023, NSE/INSP/62813 dated July 05, 2024. 6.2 During inspection it was observed that there was lack of supervision of Authorized Persons (hereinafter referred to as AP) by Noticee, therefore, it was alleged that Noticee violated Regulation 9(b) of Stock Broker Regulations read with Clause 32.5.1 read with Clause 32.7 of Master Circular for Stock Brokers dated August 9, 2024 read with Exchange Circular No. NSE/MEM/13429 dated November 9, 2009, Exchange Circular No. NSE/COMP/48536 dated June 9, 2021, Exchange Circular No. NSE/COMP/50030 dated October 21, 2021, Exchange Circular No. NSE/COMP/ 56947 dated June 2, 2023 and Exchange Circular No. NSE/INSP/42448 dated October 18, 2019. Regulation 9(b) of Stock Broker Regulations read with Clause 34.2 of Master Circular for Stock Brokers dated August 9, 2024 read with Regulation 3.2.1 of NSEIL Regulations (CM Segment) and Regulation 3.4.1 of NSEIL Regulations (F&O Segment), Exchange Circular No. NSE/INSP/35929 dated September 27, 2017, Exchange Circular No. NSE/INSP/37301 dated March 26, 2018. 7. The SCN was sent to the Noticee via SPAD and digitally signed email dated July 30, 2025. In response vide letter dated August 08, 2025 Noticee submitted that Adjudication Order in the matter of SMC Global Securities Ltd. Page 2 of 20 NSE has initiated proceedings against it on the same subject matter. Noticee also sought inspection of documents. In view of the same, inspection of documents was scheduled on September 09, 2025. Authorized Representative (AR) of the Noticee inspected the documents on the scheduled day. Vide letter dated September 04, 2025, Noticee informed that it has filed application for settlement under SEBI (Settlement Proceedings) Regulations, 2018. In view of the same, the matter was kept in abeyance till the disposal of settlement application. 8. Vide letter dated February 23, 2026 Noticee withdrew application of settlement. In view of the same, adjudication proceeding was resumed and in the interest of Natural Justice opportunity of hearing was granted to Noticee on April 02, 2026 vide Hearing Notice (HN) dated March 24, 2026. The aforesaid HN was sent to the Noticee via SPAD and email dated March 24, 2026. Vide email and letter dated March 30, 2026, Noticee submitted its reply. The Noticee’s reply is summarized below: - 8.1. Noticee submitted that NSE has also initiated proceedings on the same subject matter of SEBI’s SCN dated 30.07.2025. 8.1.1. Detailed proceedings before NSE such as issuance of NSE SCN, NSE SSCN, filing detailed submissions, personal hearing availed before Ld. Member Committee, NSE and subsequent correspondences with NSE have been conducted before NSE on the same subject matter of present SEBI SCN dated 30.07.2025. Further, the proceedings initiated by NSE are pending conclusion and it is in process of complying with the directions issued by NSE. 8.1.2. Noticee submitted that grave prejudice is caused to it on initiation of proceedings by SEBI on the same subject matter of NSE SCN and NSE SSCN. There is duplicity of proceedings on the same subject matter pertaining to similar alleged violations. 8.1.3. Noticee submitted that it has already participated in the proceedings initiated by NSE on the same subject matter and are complying with the directions as issued by NSE on the same subject matter of the present proceedings. Hence, the present SCN issued by SEBI tantamounts to parallel proceedings and leads to multiplicity of proceedings and thus the doctrine of double jeopardy as enshrined in the constitution of India would operate. 8.1.4. The issue is directly and substantially the same in the NSE matter & the present SCN and therefore, the doctrine of "Nemo debet bis vexari pro una et eadem causa" applies which is a fundamental legal principle meaning "No person should be vexed twice for the same Adjudication Order in the matter of SMC Global Securities Ltd. Page 3 of 20 cause, preventing re-litigation or re-punishment for the same matter to ensure finality, fairness, and prevent ab [Showing first 8,000 characters — download PDF for full document]