SEBI's proceedings found six violations against the merchant banker. The violations included failure to update the track record of initial public offerings (IPOs) on its website, non-compliance with NISM (National Institute for Securities Market) certification requirements, failure to provide true and correct information about a previous SEBI inspection and failure to upload the investor charter and disclose complaint-related data on its website. SEBI also found that CCVPL failed to respond to a test email sent by the regulator.
SEBI further found that the merchant banker had displayed multiple addresses on its website without clearly distinguishing them as marketing offices. The regulator said this could mislead investors about the scale of CCVPL's operations and the locations from which it operated. The merchant banker had explained that its registered office was in Delhi and that offices in Kolkata, Pune, Hyderabad and Jalandhar were marketing offices.
On the NISM certification issue, SEBI found that CCVPL's key management personnel (KMP) did not hold the required certifications during the relevant period. The certificate held by director and KMP Kulbhushan Parashar had expired on 13 December 2019, while he obtained the required NISM Series IX certification only on 27 April 2023. Similarly, whole time director Harpreet Parashar, who was appointed on 31 March 2021, was required to obtain the certifications within one year but obtained them only in April and November 2023.
SEBI also rejected CCVPL's argument that other certified employees could satisfy the requirement. It noted that the regulations specifically required at least two associated persons designated as KMP to obtain the relevant NISM certification. Since the two employees cited by CCVPL were not KMPs, the regulatory requirement remained unmet.
In another lapse, CCVPL had told SEBI during the pre-inspection process that there had been no adverse finding in its earlier inspection and that no observation letter had been issued. However, SEBI found that a deficiency letter dated 11 February 2020 had in fact been issued. The regulator rejected the firm's explanation that the document could not be located because of an office shift and replacement of its operational team, observing that the inspection took place in 2023 and the firm had sufficient time to put its records in order.
SEBI also found that the investor charter was not uploaded on the firm's website and that details of investor complaints were not disclosed. Further, test emails sent by SEBI on March 1 and March 3, 2023 to the investor email address remained unanswered. The regulator said that corrective measures taken after the inspection could not absolve CCVPL of violations that had already occurred.
The most significant due-diligence lapse related to the IPO of Uma Exports Ltd. While the firm claimed that its personnel had visited the company's registered office and warehouse, SEBI found that it could not conclusively establish the site visit. CCVPL had also failed to produce a final site-visit report. A photograph submitted as evidence was found inconclusive and could not be reliably linked to Uma Exports' warehouse. SEBI, therefore, concluded that the merchant banker had failed to meet acceptable standards of due diligence and maintain appropriate records.
The proceedings followed an inspection-based enquiry in which a designated authority (DA) had recommended that CCVPL be prohibited from taking new assignments for one month. The recommendation followed consideration of the firm's submissions and an enquiry report dated 28 June 2024. CCVPL was subsequently given an opportunity to inspect documents and make written submissions and was also heard by SEBI.
CCVPL had also filed a settlement application with SEBI in August 2024 which it later withdrew and refiled in May 2025. The final order was kept in abeyance while the settlement application was pending. However, SEBI records that the settlement application was rejected on 18 August 2026, following which the regulatory proceedings were taken forward.
In its final order, SEBI concluded that CCVPL had committed six violations, including non-updation of its IPO track record, NISM certification failures, submission of incorrect information relating to an earlier inspection, website and investor grievance-related lapses, misleading disclosure of office locations and inadequate due diligence and record maintenance.
Accordingly, Amarjeet Singh, WTM of SEBI, exercised powers under Section 19 of the SEBI Act read with Regulation 27(5) of the Intermediaries Regulations to prohibit Corporate Capital Ventures from taking new assignments for a period of one month from the date of the order.
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