Securities Appellate Tribunal quashes Rs 1.49 crore penalty on Ventura Securities by MCX

Mumbai: The Securities Appellate Tribunal (SAT) has quashed a ₹ 1.49 crore penalty imposed by MCX on Ventura Securities, ruling that the order was signed by a former member of the exchange's panel.

Read more: These 7 private and public banking stocks have an upside of up to 27% in one year, according to analysts

In an order dated October 26, SAT held that MCX's September 28 order was legally unsustainable because S.V. Krishnamohan had ceased to be an independent external expert on the exchange's committee on March 20, 2026, much before signing the penalty order. The tribunal directed MCX to refund or reverse the amount debited from Ventura's account forthwith and pay the brokerage ₹1 lakh in costs.


Read more: Diwali 2026: Sensex plunged 10,000 points, Nifty dropped 12% since last Diwali. Will Samvat 2083 bring some relief?

Ventura had challenged the penalty imposed for an alleged breach of client-level open position limits in natural gas options. It argued that its client's position had reached 27% against a cited threshold of 2% and that MCX had not issued an alert regarding the breach.