Latest News | Sebi Fines Shriram Insight Share Brokers for Not Settling Clients' Funds
Get latest articles and stories on Latest News at LatestLY. Capital markets regulator Sebi on Tuesday slapped a penalty of Rs 5 lakh on Shriram Insight Share Brokers for not settling clients' funds and violating other norms.
New Delhi, Oct 13 (PTI) Capital markets regulator Sebi on Tuesday slapped a penalty of Rs 5 lakh on Shriram Insight Share Brokers for not settling clients' funds and violating other norms.
The order comes following an inspection by the regulator, stock exchanges BSE and NSE, and depositories CSDL and NSDL from April 2017 to September 2018.
During the probe, the broker was found to have violated several directions issued by Sebi, the regulator said in an order.
It was observed that the broker had either not settled or retained huge amount of securities in excess of the obligations of the respective clients, with such excess amount ranging from Rs 8.37 lakh to Rs 6.78 crore.
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Besides, the broker failed to send the pledge statements to its clients till February 2018. It also failed to upload clients' fund and securities balances as required under the norms.
In a separate order, the regulator levied a fine of Rs 1 lakh each on Speciality Papers Ltd and Orange Mist Productions for violating takeover norms.
They had failed to make disclosures regarding change in their shareholding in Amrapali Fincap, thereby, violating SAST (Substantial Acquisition of Shares and Takeovers) regulations, it said.
In another order , the watchdog levied a fine of Rs 2 lakh on Sunayana Investments Company Ltd for not making disclosures regarding change in its shareholding of Amrapali Fincap as required under the SAST norms.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)