10 July 2024
Between July 2019 and July 2021, SEBI received complaints about how the Metropolitan Stock Exchange (MSEI) was being managed. Following this, SEBI asked MSEI to hire a respected auditor to investigate these complaints.
The audit revealed several problems, including not following the right procedures in a project involving U Trade, a fintech company, valued at ₹80 lakh. The decision to give the project to U Trade was a mistake made by the previous management team.
SEBI found that the team responsible for this decision included Balu Nair (Interim CEO), Kunal Sanghavi (then CFO), Kundan Zamvar (CISO and VP-IT), and Devanshu Desai (consultant) and that these individuals were all qualified to hold their roles at the time. SEBI has now settled the case with these officials, who have made a payment of ₹33.15 lakh.
Between July 2019 and July 2021, SEBI received complaints about how the Metropolitan Stock Exchange (MSEI) was being managed. Following this, SEBI asked MSEI to hire a respected auditor to investigate these complaints.
The audit revealed several problems, including not following the right procedures in a project involving U Trade, a fintech company, valued at ₹80 lakh. The decision to give the project to U Trade was a mistake made by the previous management team.
SEBI found that the team responsible for this decision included Balu Nair (Interim CEO), Kunal Sanghavi (then CFO), Kundan Zamvar (CISO and VP-IT), and Devanshu Desai (consultant) and that these individuals were all qualified to hold their roles at the time. SEBI has now settled the case with these officials, who have made a payment of ₹33.15 lakh.
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