SEBI inspects Ortem Securities for trading terminal misuse, cross-entity AP operations

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).

Who it concerns: Ortem Securities Limited (PAN- AAACO3435C); Ashish Rustagi (Authorized Person); Twinkle Stock Consultants Pvt Ltd; Sandip Kumar Sinha; Manish Rustagi

What SEBI found or ordered

• SEBI conducted a thematic inspection jointly with NSE from April 2023 to November 2024.
• SEBI alleged misuse of trading terminals by persons other than authorized employees (specifically Sandip Kumar Sinha and Manish Rustagi).
• SEBI alleged that Ortem Securities Limited failed to inspect 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.
• The Adjudicating Officer was appointed on November 20, 2025, and a Show Cause Notice was issued on December 29, 2025.
• Ortem Securities Limited submitted a reply on January 28, 2026, and a personal hearing was held on February 24, 2026.
• The order cites violations of Regulation 26(xix) of the SEBI (Stock Brokers) Regulations, 1992, and Schedule II Code of Conduct.

Also in the document

• The text provided is truncated and does not contain the final penalty amount or the final conclusion of the Adjudicating Officer.
• The inspection period covered a significant duration (April 2023 to November 2024).
• The case involves cross-entity relationships where an individual AP (Ashish Rustagi) was operating using the infrastructure of a related company (Twinkle Stock Consultants Pvt Ltd).