SMC Global Securities has submitted a draft prospectus to the Securities and Exchange Board of India (SEBI) for a public issue of non-convertible debentures (NCDs). The filing seeks approval for a base issue size of up to ₹7,500 lakh, with an option to retain oversubscription up to an additional ₹7,500 lakh under a green shoe option.

The company’s Non-Convertible Debenture Committee approved the draft in its meeting held on September 15, 2026. The document is now open for public comments as per Regulation 27 of the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021.

Issue Details

The NCDs are structured as secured, rated, listed, and redeemable instruments. Each debenture carries a face value of ₹1,000. The total potential raise, including the green shoe option, stands at ₹15,000 lakh.

Availability of Draft Prospectus

The draft prospectus is available for review on the websites of SEBI, the Bombay Stock Exchange (BSE), the National Stock Exchange (NSE), the lead manager Corporate Professionals, and the company itself. SMC Global Securities is a member of NSE, BSE, MSE, NCDEX, and MCX, operating as a clearing and trading member across cash, F&O, currency, debt, and commodity segments.

What the Numbers Show

The issuance represents a significant capital raising effort for the brokerage firm. With the green shoe option fully exercised, the company could potentially double its initial target, raising up to ₹15,000 lakh in debt capital. This move aligns with typical liquidity management strategies in the financial services sector, where access to low-cost debt can support balance sheet expansion or operational requirements.

SMC Global Securities Limited's wholly owned subsidiary, Pulin Comtrade Limited , has settled a long-pending Securities and Exchange Board of India (SEBI) investigation regarding its involvement in the National Spot Exchange Limited (NSEL) scandal. The regulator accepted a settlement application filed under the NSEL Settlement Scheme 2025, bringing closure to proceedings initiated after the Forward Markets Commission merged with SEBI in 2015.

The settlement involves a monetary payment of ₹9,10,780 and a non-monetary penalty of six months of voluntary debarment. During this period, Pulin Comtrade is barred from trading in its proprietary capacity and from taking up new clients in the commodity segment. The parent company disclosed receipt of the settlement order on September 11, 2026.

Regulatory Background

The probe stems from violations related to paired contracts traded on the NSEL platform between 2009 and 2013. The Forward Markets Commission (FMC), which administered the Forward Contracts (Regulation) Act, 1952, identified that 55 contracts on NSEL violated regulatory provisions, including prohibitions on short sales by exchange members. After the FMC merged with SEBI in 2015, the securities regulator initiated enquiry proceedings against 302 stock brokers for facilitating these transactions.

Of the 302 entities investigated, SEBI passed orders with directions against 161 brokers. The remaining cases were either disposed of without directions or recommended for no action by the Designated Authority. Following an order by the Securities Appellate Tribunal (SAT) in December 2023 directing SEBI to frame a settlement scheme, the regulator launched the NSEL Settlement Scheme 2025.

Settlement Details

Under the scheme, which ran from August 25, 2025, to February 25, 2026, 91 entities availed the benefit by remitting specified amounts. Pulin Comtrade, formerly known as SMC Comtrade Limited, was among these applicants. The settlement order, issued on September 9, 2026, by Whole Time Members Sandip Pradhan and K.V.R. Murty, settles the proceedings qua the applicant without prejudice to SEBI's right to initiate action if any representation is found untrue or if undertakings are breached.

What the Numbers Show

The settlement amount of ₹9,10,780 places Pulin Comtrade in the mid-range of penalties imposed under the scheme. Among the 91 settling entities, amounts ranged from ₹600,000 to over ₹5 million. For context, Purvag Commodities And Derivatives Private Limited paid the highest disclosed amount of ₹5,19,16,86, while several others paid the minimum threshold of ₹600,000. The uniform six-month debarment for proprietary trading suggests a standardized approach by SEBI for entities with similar violation profiles, distinguishing them from those who faced only monetary penalties or shorter debarment periods.

SMC Global Securities stated that the impact on its financial, operational, or other activities is negligible. The company has updated its website with the intimation as required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.