SEBI charges broker over missing IP logs for 38 of 50 sampled clients

This order details SEBI's adjudication proceedings against Rashi Equisearch Private Limited, a stock broker, for alleged failures to maintain evidence of client pre-order confirmations and to capture IP addresses for internet-based trading orders during a thematic inspection.

Who it concerns: Rashi Equisearch Private Limited (Stock Broker, Reg. No. INZ000276636)

What SEBI found or ordered

• SEBI alleged violation of regulations regarding the maintenance of evidence for pre-order confirmations for 38 out of 50 sampled clients.
• SEBI alleged failure to capture and provide system logs containing IP addresses for Internet Based Trading (IBT) and Securities Trading using Wireless Technology (STWT) orders for three sampled clients.
• The Noticee admitted the violation regarding IP address capture, stating the facility was not available during the relevant period.
• The Noticee claimed that for the pre-order confirmation lapse, orders were placed via WhatsApp with 'Disappearing Messages' enabled, but all trades were settled and no client complaints were raised.
• The Noticee stated it has implemented corrective measures and certified compliance to NSE in April 2026.

Also in the document

• The inspection period covered April 1, 2024, to November 27, 2025.
• The Noticee argued that the IP address data was retained by BSE (the exchange) and was successfully retrieved and provided to SEBI/NSE after the inspection queries.
• The Noticee submitted that no client complaints regarding unauthorized trading were received during the 19-month inspection period.