SEBI Cracks Down on SecUR Credentials: MD Rahul Belwalkar Suspended

The Securities and Exchange Board of India (SEBI) has issued an interim order barring SecUR Credentials and its managing director, Rahul Belwalkar, from the securities market. Allegations include fund diversion and lack of compliance with disclosure rules. SEBI is probing possible violations from April 2020 to March 2024.

The Securities and Exchange Board of India (SEBI) has taken decisive action against SecUR Credentials Ltd, along with its Managing Director, Rahul Belwalkar. In an interim order issued on Thursday, SEBI has barred both entities from the securities market pending further investigation into alleged fund diversion and regulatory breaches.

The regulatory body has also restricted Rahul Belwalkar from serving as a director for any listed company or SEBI-registered intermediary. The period under scrutiny spans from April 2020 to March 2024, during which SEBI will examine potential violations of the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) and disclosure regulations.

This decisive measure comes amid findings that suggest improper financial conduct and inadequate disclosure practices at SecUR Credentials. SEBI's whole time member, Ashwani Bhatia, highlighted significant concerns over the non-segregation of bank accounts and unauthorized fund transfers involving the company's MD. The watchdog will continue its probe to safeguard investor interests and ensure regulatory compliance.

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