Business Other News 31 Aug 2016 Sebi imposes Rs 6 la ...

Sebi imposes Rs 6 lakh fine on Investmentor Securities

PTI
Published Aug 31, 2016, 8:11 pm IST
Updated Aug 31, 2016, 8:13 pm IST
The regulator found that the company did not comply with the circular in due time.
The Securities and Exchange Board of India (Sebi) conducted an inspection on whether the company complied with the Sebi circular dated December 2009 and May 2011.
 The Securities and Exchange Board of India (Sebi) conducted an inspection on whether the company complied with the Sebi circular dated December 2009 and May 2011.

New Delhi: Markets regulator Sebi has imposed a fine of Rs 6 lakh on Investmentor Securities for not complying with stockbroker norms within stipulated timeframe.

The Securities and Exchange Board of India (Sebi) conducted an inspection on whether the company complied with the Sebi circular dated December 2009 and May 2011 with respect to quarterly/monthly settlement of funds and securities of its clients.

 

Sebi, in December 2009, issued a framework where a client, specifically authorises the stockbroker to maintain a running account, the actual settlement of funds and securities would be done by the broker, at least once in a quarter or month, depending on the preference of the client.

The regulator found that the company did not comply with the circular in due time. It implemented the circular with a delay of 15 months. "The noticee (Investmentor Securities) has failed to adhere to the provisions of... the code of conduct specified under... Stock Brokers Regulations," Sebi's Adjudicating officer Suresh Gupta said.

 

Accordingly, the watchdog has imposed a penalty of Rs 6 lakh on the Investmentor Securities for violating code of conduct specified under stockbrokers regulations.

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Location: India, Delhi, New Delhi




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