New Delhi . The Securities and Exchange Board of India (SEBI) on Wednesday imposed a fine of Rs 11 lakh on brokerage company IIFL Securities for violating stock broker rules and other regulatory norms.
SEBI had inspected the company to see whether IIFL Securities Limited (IIFL) meets the necessary rules to be a brokerage company.
The inspection was conducted for the period from April to July, 2022. Subsequently, the regulator issued a show cause notice to IIFL Securities on April 15, 2024. SEBI said in its 35-page order that the noticee (IIFL Securities) has accepted the allegations made in the show cause notice regarding the monthly and quarterly settlement of client funds and securities, stating that there were some technical deficiencies in it.
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SEBI’s adjudicating officer Barnali Mukherjee said in the order, “I find that the circular specifically instructed the brokers to settle the accounts and issue the statement on time. However, the noticee failed to do so.”
Though the noticee has now taken corrective action, it is found that it has failed to dispose of funds and securities on monthly/quarterly basis.
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