SEBI finds VCK Share Broking let unapproved users operate terminals

This order addresses alleged regulatory violations by VCK Share & Stock Broking Services Limited regarding the unauthorized use of trading terminals by non-approved individuals and the failure of its Authorized Persons (APs) to hold mandatory NISM certifications.

Who it concerns: VCK Share & Stock Broking Services Limited (Noticee); Ms. Meera Kampani, Ms. Mamta Kumari Pradhan, Mr. Pradip Kumar Misra, Mr. Ajay Kumar Shaw, Mr. Debasis Bera (Authorized Persons); Mr. Sandip Kampani, Mr. Shailesh Kumar Yadav, Ms. Milita Misra, Mr. Debangsu Guha (unapproved users identified in inspection findings).

What SEBI found or ordered

• SEBI found that CTCL terminals allotted to four APs were operated by persons who were not approved users.
• SEBI found that five APs were operating without the mandatory NISM Series VII certification.
• The Adjudicating Officer held that the company violated Clause (xix) of Regulation 26 of the SEBI (Stock Brokers) Regulations, 1992, and the SEBI Notification dated December 10, 2010.
• The company admitted the violations regarding terminal usage during a personal hearing on September 02, 2026.
• The company failed to submit a written reply to the Show Cause Notice despite multiple opportunities and assurances.

Also in the document

• The order notes that the company's failure to control terminal access reflects a serious lapse in internal control and supervision mechanisms.
• The inspection period covered April 01, 2024, to April 30, 2025.
• The document provided is truncated before the final monetary penalty amount is stated.