₹2,950 Crore Scheme Under SEBI Scanner for Misuse of Broking Licence

The Securities and Exchange Board of India (SEBI) has uncovered an alleged misuse of a broking licence in a large-scale investment scheme. The findings were detailed in an order issued against Trdez Investment Pvt Ltd on April 9, 2026.

According to the regulator, the structure operated as a Ponzi-like scheme targeting investors with promises of fixed returns. The case highlights concerns around the misuse of regulatory credentials to attract funds.

SEBI Order Reveals Structure of Alleged Scheme

SEBI’s order indicates that multiple entities were created alongside the broking business to facilitate the scheme. These included Infinite Beacon, IB Prop Desk, and Sispay TFS, which were presented as being associated with the SEBI-registered broker.

Agents allegedly used these associations to establish credibility and persuade investors to participate. Investors were directed to transfer funds into bank accounts of these entities rather than the registered broker.

Promises Of 10-12% Monthly Returns Used to Attract Investors

The scheme reportedly offered assured monthly returns of 10-12%, which is inconsistent with the nature of market-linked investments. SEBI noted that investors were provided with dashboards displaying fictitious profits to reinforce confidence in the scheme.

Initial withdrawals were reportedly allowed, creating a perception of legitimacy and liquidity. However, withdrawals were later restricted, raising concerns about the sustainability of the model.

Financial Linkages and Operational Findings

The regulator identified extensive financial and operational linkages between the broker and associated entities. Several directors of Trdez Investment Pvt Ltd were found to have roles in related firms, including Trdez Financial Services and Infinite Beacon-linked entities.

SEBI observed financial transactions between personal accounts of directors and these entities, along with shared addresses and contact details. Domains used in the scheme were also linked to individuals connected to these firms.

Fund Flows, Crypto Links and Scale of Mobilisation

SEBI’s findings also refer to cryptocurrency transactions, including USDT, based on statements recorded and investor complaints. One of the directors reportedly admitted involvement in crypto-related transactions, while complaints suggested that investor funds were routed into such instruments.

The broker itself was found to be largely inactive in stock broking, with proprietary trades of only ₹43,430 and no client trades since inception. Total fund mobilisation linked to the entities exceeded ₹2,950 crore, indicating the scale of the operation.

Read More: SEBI Introduces New Lock-In Mechanism for Pledged Shares Under ICDR Framework.

Conclusion

The SEBI order dated April 9, 2026, outlines an alleged Ponzi-like structure built around misuse of a broking licence. The scheme involved multiple entities, misleading representations, and promises of fixed monthly returns to attract investors.

Regulatory findings highlight financial linkages, inactive broking operations, and large-scale fund mobilisation exceeding ₹2,950 crore. The case underscores the importance of regulatory oversight and adherence to compliance standards in the securities market.

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