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

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.

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.