SEBI and NSE inspect Ortem Securities for trading terminal misuse
This order addresses an adjudication by SEBI regarding Ortem Securities Limited, a registered stock broker, for alleged violations of regulations concerning the misuse of trading terminals and failure to conduct mandatory inspections of its Authorized Persons (APs).
Ortem Securities Limited (PAN- AAACO3435C); Ashish Rustagi (Authorized Person); Twinkle Stock Consultants Pvt Ltd; Sandip Kumar Sinha; Manish Rustagi
- SEBI and NSE conducted a thematic inspection of Ortem Securities Limited from April 2023 to November 2024.
- SEBI alleged that trading terminals were operated by persons other than authorized employees, specifically involving Sandip Kumar Sinha and Manish Rustagi.
- SEBI alleged that Ortem Securities Limited failed to undertake inspections of its Authorized Person (Ashish Rustagi) in the last 3 years.
- SEBI alleged non-maintenance of pre-order confirmation records and misleading information on the AP's notice board.
- A Show Cause Notice was issued on December 29, 2025, and a personal hearing was held on February 24, 2026.
- The order cites Regulation 26(xix) of the SEBI (Stock Brokers) Regulations, 1992, regarding extending use of trading terminals to unauthorized persons.
Written from the document by AI, and checked against it. The original below is authoritative.
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Document details
| Official title | Adjudication Order in the matter of inspection of Ortem Securities Limited |
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | Order/AK/GN/2026-27/32395 |
| Status | None (order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |