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).
Ortem Securities Limited (PAN- AAACO3435C); Ashish Rustagi (Authorized Person); Twinkle Stock Consultants Pvt Ltd; Sandip Kumar Sinha; Manish Rustagi
- 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.
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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 | closed (order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |