The New Upstox case has gained major attention after Upstox Securities Private Limited issued a public notice terminating its association with alleged fraudster Priti Sachin Rane amid an ongoing alleged ₹500 crore MPID fraud investigation by the Thane Economic Offences Wing. According to the notice dated February 24, 2026, the company alleged that Rane provided investment advisory services without SEBI registration, violating intermediary regulations. Authorities are reportedly investigating financial transactions, digital trails, and investor complaints involving more than 1,200 affected investors. The case has intensified discussions regarding investor protection, intermediary compliance, and regulatory oversight in India’s securities ecosystem.
Upstox Severes Ties with Alleged Fraudster Priti Sachin Rane Amid Alleged ₹500 Crore MPID Fraud
Upstox Securities Private Limited issued a public notice on 24th February 2026, terminating its relationship with Ms. Priti Sachin Rane following allegations of unregistered investment advisory activities affecting over 1,200 investors. The case is under Thane EOW investigation.
Alleged MPID Fraud Spurs Regulatory Action
Thane’s Economic Offences Wing is investigating claims of a ₹500 crore MPID fraud reportedly involving Ms. Priti Sachin Rane. Over 1,200 investors are said to have suffered financial losses, prompting immediate scrutiny from regulatory authorities.
Upstox Securities Private Limited officially stated that Rane allegedly provided investment advisory services without SEBI registration, violating regulations as a “Registered Investment Advisor”. The company emphasized compliance with SEBI rules before severing ties on 16th February 2026.
Details from Upstox Public Notice
According to the notice, Ms. Priti Sachin Rane purportedly offered securities advice without SEBI approval and made unauthorized claims about returns and performance. Upstox highlighted Regulation 16A(1) of the SEBI (Intermediaries) Regulations, 2008, which prohibits unregistered individuals from providing advisory services.
The notice by the authorised compliance officer for Upstox advised all investors and clients associated with Ms. Rane to cease dealings with her. Upstox clarified that, as an entity, it will not be responsible for any past or future interactions with her. The Public notice was signed by the Upstox Compliance Officer and was press-released in the Business Standard Newspaper on 24th February 2026.
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Arrests and Status of Alleged Co-Accused
In a related development, Mr. Sagar Karivdekar was arrested by Sawantwadi police on 26th April 2026 and is currently in judicial custody. Priti Sachin Rane remains at large, according to official sources, intensifying public and investor concern.
The ongoing investigation by Thane EOW encompasses extensive documentation, digital trails, and potential violations of multiple acts, including SEBI, IT Act, Consumer Protection Act, and BNSS provisions concerning fraud and falsified documentation.
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Investor Reactions and Legal Implications
Investors have expressed significant frustration over perceived delays in enforcement despite clear evidence and Upstox’s disciplinary action. Legal experts indicate that if authorities acknowledge the public notice, the accused could face charges under multiple statutes.
SEBI Act violations relate to unregistered investment advisory services, the Information Technology Act covers digital misrepresentation, the Consumer Protection Act addresses investor deception, and BNSS regulations concern fraud, forgery, and breach of trust.
Broader Impact on Regulatory Oversight
This high-profile case underscores the need for stringent compliance monitoring by financial institutions and robust enforcement by regulatory authorities. Analysts suggest increased scrutiny of intermediary registrations and advisory practices to prevent similar occurrences.
Sprouts News will continue monitoring developments, emphasizing verified details and providing updates as the Thane EOW investigation progresses. The outcome may shape investor protection standards and set precedents for enforcement in India’s securities market.
Investigative journalist Unmesh Gujarathi (9322755098) has uncovered a ₹500 crore MPID fraud linked to alleged fraudster Priti Sachin Rane, shaking Maharashtra’s financial ecosystem. Sprouts News details the alleged violations, Upstox’s public notice, and regulatory scrutiny, offering readers an in-depth look at the evolving investigation and its implications for investors and authorities.
Editorial Note:
This article is based on publicly available FIR records, court case references, and reports published by multiple media organisations. The information is presented in the context of ongoing investigations and public interest reporting. Sprouts News does not make any judicial determination regarding the individuals mentioned and does not intend to defame any person or organisation. Any individual seeking clarification or wishing to provide an official response may contact the editorial team with verifiable documentation. The information is presented for journalistic and informational purposes.
