SEBI orders Scient Capital for failing to maintain ₹5 crore net worth

This is a final order by SEBI regarding Scient Capital Private Limited, a registered Portfolio Manager, concerning its failure to maintain the required minimum net worth, submission of incorrect compliance reports, and non-compliance with NISM certification requirements for its Principal Officer.

Scient Capital Private Limited (SEBI Registration No. INP000005166); Mr. Ramesh Rachuri (Principal Officer)

• SEBI found that Scient Capital failed to maintain the minimum net worth of INR 5 crores required by the PM Regulations from January 15, 2023.
• SEBI found that Scient Capital submitted incorrect and misleading compliance reports for FY 2022-23 and 2023-24 despite not meeting net worth requirements.
• SEBI found that the Principal Officer, Mr. Ramesh Rachuri, failed to obtain the mandatory NISM Series XXI-B certification by the deadline of September 07, 2023.
• The order is a Final Order passed under Sections 11(1), 11(4), 11(4A), 11B(1), and 11B(2) of the SEBI Act, 1992.
• The examination period covered was from January 01, 2023, to December 31, 2024.

Written from the document by AI, and checked against it. The original below is authoritative.

The original document