Rs 5 lakh penalty on Anand Rathi Financial Services

Sebi has imposed a penalty of Rs 5 lakh on Anand Rathi Financial Services for alleged deficiencies, including absence of adequate systems to check receipt of third-party cheques and discrepancies in the KYC account opening form. According to a 38-page order issued by Sebi on Monday, the inspection team observed certain deficiencies in the functioning of the brokerage, like non delivery of contract notes to clients in respect of bounce ECNs, not following account opening process properly, discrepancies in processing of delivery instruction slips and delay in dispatch of physical documents to issuer/registrar and transfer agent and rejection of demat requests due to brokerage’s mistake. not following account opening process properly, discrepancies in processing of delivery instruction slips and delay in dispatch of physical documents to issuer/registrar and transfer agent and rejection of .