SPV Global Trading Limited has fulfilled its regulatory obligations by submitting the mandatory confirmation certificate under SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026. The company, formerly known as Tarrif Cine & Finance Limited, filed the certificate with BSE Limited as part of its compliance requirements.

Regulatory Compliance Details

The submission pertains to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, which mandates quarterly compliance reporting. The certificate was signed by Vishwas Patkar, Chief Financial Officer of SPV Global Trading Limited, and submitted on April 14, 2026.

Registrar Confirmation

Bigshare Services Private Limited, serving as the company's Registrar and Share Transfer Agent, issued the confirmation certificate dated April 10, 2026. The certificate confirms that securities received from depository participants for dematerialization up to March 31, 2026 were properly processed and confirmed to the depositories.

The registrar confirmed compliance with key regulatory requirements:

• Securities received for dematerialization were accepted or rejected as per regulations
• All securities comprised in certificates have been listed on appropriate stock exchanges
• Security certificates received for dematerialization were mutilated and cancelled after due verification
• Depository names were substituted in the register of members within the mandated 15-day period

Company Information

SPV Global Trading Limited operates under CIN L27100MH1985PLC035268 and maintains its registered office at Ground Floor, Binani Bhavan, Bhuleshwar, Mumbai. The company trades on BSE under scrip code 512221 and maintains its corporate website at www.spvglobal.in .

Compliance Framework

The quarterly submission demonstrates the company's adherence to SEBI's depositories regulations framework, ensuring proper handling of dematerialized securities and maintaining transparency in depository participant operations. This regulatory compliance supports investor confidence and market integrity in securities trading and settlement processes.

IndiaNivesh Limited has disclosed that its wholly owned subsidiary, IndiaNivesh Shares and Securities Private Limited, has received a favorable ruling from the Securities Appellate Tribunal that significantly reduces a penalty imposed by the National Stock Exchange of India Limited.

Tribunal Order Details

The Securities Appellate Tribunal, Mumbai passed an order dated 06th March 2026 in Appeal No. 113 of 2022, partially allowing the appeal filed by IndiaNivesh Shares and Securities Private Limited against NSE's order dated 11th February 2022. The company received a copy of the tribunal's order on 09th March 2026.

Case Background and Allegations

The original case stemmed from NSE's inspection of the subsidiary's books during March 2020, coinciding with unprecedented market conditions. The Member and Core Settlement Guarantee Fund Committee of NSE had imposed penalties for alleged violations including misuse of client funds, use of credit balance clients' funds for margin obligations, and misuse of client securities.

The tribunal examined three specific allegations:

• Using ₹93.26 crores belonging to credit balance clients to settle debit balance clients
• Using ₹99.43 crores belonging to credit balance clients to meet margin obligations
• Misusing client securities worth ₹40.39 crores

Tribunal's Findings

The three-member bench comprising Justice P.S. Dinesh Kumar (Presiding Officer), Ms. Meera Swarup (Technical Member), and Dr. Dheeraj Bhatnagar (Technical Member) delivered a detailed analysis of the case.

Key Technical Determinations

The tribunal focused on the calculation of 'G Value' and 'J Value' - industry metrics used to assess proper segregation of client funds. The tribunal found that NSE incorrectly applied a circular dated May 26, 2020, to transactions that occurred in March 2020, stating it was "not permissible to apply a procedure or norm which comes into existence subsequently."

Upheld Violation

The tribunal upheld only one allegation - the sale of client securities worth ₹40.39 crores by the clearing agent Edelweiss Custodial Services Limited to discharge the appellant's obligations. This was deemed a violation of Regulation 4.5.3(e) of NSEIL Regulations, which prohibits improper use of constituent's securities or funds.

Financial Impact

The penalty reduction represents a substantial 96% decrease from the original amount. The tribunal imposed a penalty at the rate of 1% of the ₹40.39 crores worth of client securities that were improperly sold, resulting in the final penalty of ₹40.39 lakhs.

IndiaNivesh Limited has stated that there is no other material impact on the operations of the company beyond this penalty adjustment.

Source: None/Company/INE131H01028/02c04352-5647-4339-9a9a-ea40c5dcfc9e.pdf