Several people who bought unlisted shares through SN Capital Management, a Noida-based platform, say the shares they paid for never reached their demat accounts, according to tips submitted separately to Rift Valley News through SecureDrop by multiple people. Some also say refunds were slow or incomplete. Rift Valley News has not independently verified the accounts or the documents shared with them.
The tipsters describe a similar pattern. They opened accounts, completed KYC checks and paid for specific unlisted shares, and some received order or allocation messages. The shares, they say, did not arrive within the settlement period they understood had been agreed.
One investor says they paid ₹8.5 lakh for shares linked to Boat, PharmEasy and a renewable-energy company and waited about two months without delivery. Another says they paid about ₹45 lakh and had received roughly ₹12 lakh back at the time of their account. The investors estimate that up to ₹55.4 crore could be in dispute across all claimants. Rift Valley News has not seen a calculation supporting that figure, and it should be read as their estimate rather than an established loss.
SN Capital's website calls the company "India's most transparent platform for unlisted shares" and says it "acts as an intermediary facilitating transactions in unlisted shares". Its regulatory-compliance page says investors will be able to use SEBI's SCORES complaints portal "upon the formal activation of our SEBI registration number". The page does not list a registration number.
The investors say they have raised their concerns with regulators and law-enforcement agencies. Rift Valley News found no public record of any complaint, first information report or investigation concerning SN Capital, and this report does not suggest that any authority has found wrongdoing. No charge against the company or any individual is known.
Rift Valley News will update this article if SN Capital comments.
How we reported this: based on tips submitted anonymously through SecureDrop by multiple people, and on SN Capital's public website. The accounts have not been independently verified; this article reports claims, not a finding of wrongdoing.