Metropolitan Stock Exchange officials pay ₹33 lakh to settle case with SEBI

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.