SEBI finds Eastern Financiers Limited failed to maintain pre-order compliance

This order details an adjudication by SEBI regarding Eastern Financiers Limited, a registered stock broker, concerning alleged violations of regulations related to trade confirmations, authorized user certifications, terminal segregation, and address compliance discovered during inspections of its Authorized Persons (APs).

Eastern Financiers Limited (PAN: AAACE7613A); Authorized Persons: M/s. Finwell Global Services, Mr. Hitesh P Sanghvi, Ms. Jonaki Biswas, Mr. Lakshman Kumar Bihani, Mr. Rohit Kumar Jain; Individuals mentioned in findings: Mr. Anil Shukla, Mr. Madhusudan Mondal, Mr. Rhiju Sengupta, Mr. Biswadeep Chatterjee, Ms. Nilima Sengupta, Ms. Daliya Chatterjee.

• SEBI alleged that APs failed to maintain pre-order trade confirmations and could not provide call recordings or CCTV evidence for orders placed via telephone or in-person.
• SEBI alleged that APs Ms. Jonaki Biswas and Mr. Lakshman Kumar Bihani did not possess the mandatory NISM Series VII certification.
• SEBI alleged that CTCL terminals were operated by unapproved users, specifically Mr. Anil Shukla and Mr. Madhusudan Mondal, contrary to exchange records.
• SEBI alleged that M/s. Finwell Global Services failed to maintain physical segregation of its terminal from a terminal belonging to a different broker (Master Capital Services Ltd.) at the same location.
• SEBI alleged that a terminal for AP Ms. Jonaki Biswas was found at an unregistered location and that the change of address was not notified to the exchange at least 30 days in advance.
• The order cites violations of SEBI (Stock Brokers) Regulations, 1992, SEBI Master Circular dated June 17, 2025, and various BSE Circulars.

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