Adjudication order register - 2026
This page is the working register for SEBI adjudication orders. It focuses on how to read orders of adjudicating officers, connect them to Chapter VIA penalties and avoid treating a penalty page as a generic enforcement headline.
Finin2min Summary
- The official SEBI adjudication register is the primary source. The checked register carried 2026 orders including Madhukar Dubey/Magnum Industrial Corporation, Alankit Assignments, Shreedhar Yellaiah Kodam, Investowryght Research Analytics, Emami Realty and Jindal Steel and Power insider-trading matters.
- An adjudication order usually answers three practical questions: whether a statutory or regulatory obligation was breached, which penalty section applies and how section 15J factors affect quantum.
- Mens rea is generally not imported into civil penalty provisions unless the statutory language requires it; the Shriram Mutual Fund line remains central for penalty analysis.
- For internal compliance, the order must be converted into a controls memo: who owned the obligation, what evidence failed and what recurrence control is needed.
Case / Register Control Sheet
| Forum / instrument | Adjudicating Officer appointed under section 15-I of the SEBI Act. |
|---|---|
| Legal basis | SEBI Act Chapter VIA penalty provisions, SEBI inquiry/adjudication rules and the substantive regulation allegedly breached. |
| What to verify | Noticee identity, allegation period, proof relied upon, section 15J factors, penalty section and payment instructions. |
| Advisory outcome | Penalty exposure matrix, appeal calendar, remediation evidence and disclosure assessment. |
Bare Law and Source Map
- Section 15-I empowers SEBI to appoint an adjudicating officer for inquiry and penalty imposition after giving a reasonable opportunity of being heard.
- Section 15J requires factors such as disproportionate gain, investor loss and repetitive nature of default to be considered for penalty quantum.
- Section 15HA applies to fraudulent and unfair trade practices; section 15HB operates where no separate penalty is provided.
- The substantive default may arise under PFUTP, PIT, LODR, SAST, mutual fund, intermediary, investment adviser, research analyst or AIF regulations.
Section-wise / Para-wise Decode
- Opening paragraphs normally identify the appointment of the adjudicating officer, the investigation period and the show-cause notice.
- Allegation paragraphs must be tied to each noticee separately; a group narrative is not enough for director, compliance officer or intermediary liability.
- Finding paragraphs should be read against the exact regulation text, not just the order's headnote or SEBI news title.
- Penalty paragraphs should be checked for section 15J reasoning and whether the AO distinguished first-time, technical and repeated defaults.
Workflow / Flow Chart
- Step 1Start with the SEBI adjudication register and save the exact order URL and date.
- Step 2Create a noticee-wise table of provisions, alleged acts, evidence and defences accepted or rejected.
- Step 3Read the substantive regulation in force during the default period, then compare it with the current consolidated regulation for advisory action.
- Step 4Separate liability findings from penalty quantum so an appeal memo can challenge each ground independently.
- Step 5Prepare a payment or stay calendar because many orders specify timelines and bank/online remittance instructions.
- Step 6After conclusion, update the compliance manual, surveillance logs, board note and future due diligence response pack.
Practical Examples
- For an illiquid stock-options reversal trade order, map every trade pair, counterparty pattern and price-difference finding before applying PFUTP and section 15HA.
- For a summons non-compliance order, the legal issue may be section 11C cooperation rather than the underlying trading allegation.
- For a listed entity disclosure order, secretarial teams must reconcile exchange filings, board minutes and public announcements during the default period.
Highlighted Points
- Adjudication is noticee-specific; avoid importing a finding against one entity into another without the order doing so.
- Penalty sections and substantive regulations are different layers of analysis.
- Shriram Mutual Fund supports civil penalty once contravention is established, but quantum remains fact-sensitive.
- A stay or appeal filing should be documented separately from compliance remediation.
- Every adjudication order should end in a control owner and evidence-retention action, not only a payment entry.
Exam and Advisory Case Studies
A research analyst fails to maintain required records and receives a penalty order. In the answer, first cite section 15-I for adjudication, then identify the regulation breached, then discuss section 15J factors. In advisory mode, add the record-retention checklist, client communication review and appeal/stay calendar.
Q&A
Is every adjudication order a market fraud order?
No. Orders can concern summons, disclosure, record maintenance, client grievance, registration, insider trading, PFUTP or other defaults.
Which date matters for limitation and appeal?
Use the date on which the order is received for SAT appeal planning, while preserving the order date and upload date as separate records.
Can a penalty be challenged even when default is admitted?
Yes, depending on facts, especially on quantum, section 15J factors, proportionality, jurisdiction or procedural fairness.
What is the safest citation format?
Mention the order date, matter name, SEBI adjudicating officer order and exact SEBI URL.
Working Checklist
- Extract allegation, finding and penalty into separate columns.
- Check whether the order relies on Shriram Mutual Fund, Kanaiyalal, Rakhi Trading, Kishore Ajmera or N. Narayanan.
- Record payment, appeal and remediation dates in one calendar.
No local form is generated for this register page. If an appeal is filed against an adjudication order, use the SAT memorandum form and procedure in the official SAT Procedure Rules.
Advisory Build-out
For Adjudication order register - 2026, keep the working file issue-led rather than headline-led. Start with the official source document, then place the first legal anchor - Section 15-I empowers SEBI to appoint an adjudicating officer for inquiry and penalty imposition after giving a reasonable opportunity of being heard. - beside the facts proved on the page. This prevents a case citation from being used as a slogan and forces the advisory note to show how the rule operates on the actual record.
The control owner should convert the case into a task list: Extract allegation, finding and penalty into separate columns. Then test the conclusion against this page's practical example - For an illiquid stock-options reversal trade order, map every trade pair, counterparty pattern and price-difference finding before applying PFUTP and section 15HA. That method gives the reader a usable bridge between bare law, order text, compliance remediation and exam-style reasoning.
Primary Official Sources
- SEBI Adjudication Orders register
https://www.sebi.gov.in/sebiweb/home/HomeAction.do?doListing=yes&sid=2&smid=6&ssid=9official register - SEBI Act, 1992 PDF
https://www.sebi.gov.in/commondata/acts.pdfofficial primary - SEBI Annual Report 2006-07 - Shriram Mutual Fund note
https://www.sebi.gov.in/sebi_data/commondocs/part4_p.pdfofficial report pdf - SEBI PFUTP Regulations, 2003
https://www.sebi.gov.in/legal/regulations/jun-2024/sebi-prohibition-of-fraudulent-and-unfair-trade-practices-relating-to-securities-market-regulations-2003-last-amended-on-june-28-2024-_84781.htmlofficial primary - SAT Procedure Rules PDF
https://www.sebi.gov.in/sebi_data/attachdocs/apr-2017/1492086931711.pdfofficial pdf
Related Inter / Intra Links
Parent hub: SEBI Securities Hub. Enforcement orders: SEBI official orders page.