SEBI v. Ficus Securities Pvt. Ltd. (broker registration cancelled for misuse of client assets, 2022)
Judgment entered
Checked against the primary document on October 9, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, in a single reading of the order; an independent second reading of 60 SEBI records agreed on every field for 56, the four misses being penalty amounts; a later sample of 50 of the SEBI records added on 9 October agreed on every field for 46. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.
In September 2022 a SEBI whole time member cancelled the stock-broker registration of Ficus Securities Pvt. Ltd. on the recommendation of a designated authority, finding that it misused client funds and securities and defrauded clients. The order carries no monetary penalty.
The record
| Agency | SEBI (India) |
|---|---|
| Date filed | 2022-09-23 |
| Date resolved | 2022-09-23 |
| Court | SEBI whole time member |
| Status | judgment |
| Asset class | equities |
| Venue | NSE, BSE, MSEI |
| Criminal parallel | No |
| Bars imposed | Certificate of registration as stock broker cancelled |
| Defendants | Ficus Securities Pvt. Ltd. |
| Also named elsewhere | Ficus Securities Pvt. Ltd. |
| Techniques |
What was ordered
- Civil penalty
- —
- Disgorgement
- —
- Prejudgment interest
- —
- Total relief
- —
- Alleged gain
- —
What is alleged to have happened
A SEBI whole time member decided this matter on 23 September 2022 under section 12(3) of the SEBI Act and the Intermediaries Regulations. The sole noticee is Ficus Securities Pvt. Ltd., which held stock-broker registrations on NSE, BSE and MSEI. The firm, its commodities affiliate and its directors were the subject of a separate final order of 25 August 2022.
A designated authority reported in December 2020 on an inspection covering April 2015 to January 2018. Its findings were that the broker failed to give SEBI information, misused client funds and securities, moved funds to an associate company, did not redress investor grievances and did not disclose all its depository accounts. It held that these breached SEBI circulars, the stock broker regulations' conditions of registration and code of conduct, and Regulations 3(a) to (d) of the PFUTP Regulations. A show cause notice followed in February 2021.
The member accepted the findings after considering the broker's defence and evidence. The order says the broker defrauded its clients, used an associate company for diverting client money, and had been expelled from all three exchanges as a defaulter since March 2018. It concludes that it does not deserve to remain a registered intermediary and cancels its certificate of registration, with immediate effect.
No monetary penalty is imposed in this order. The record does not show how much client money was recovered, whether the broker appealed, or any criminal case.
No library technique fits the conduct, which is broker misappropriation rather than price manipulation, so the technique list is empty.
This library tags the matter as broker misappropriation of client assets, with no more specific library technique. The tagging is ours, not the regulator's.
For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the order.
Timeline
- 2022-09-23 SEBI enquiry order cancelling registration
Primary documents
Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.