Sebi gives broker one week time to pay fees

Capital market regulator Sebi today directed B M Gandhi Securities to pay an amount of Rs 33.21 lakh within one week, after the brokerage firm failed to deposit the required fee within stipulated time.
Securities and Exchange Board of India (Sebi), on October 14, this year, had initiated action against B M Gandhi Securities to recover an amount of Rs 33.03 lakh towards outstanding turnover fees due to Sebi as member of BSE along with other interests and costs.
At the time, the brokerage was directed by the regulator to pay the dues within 15 days.
In its latest notice in the matter today, Sebi noted that no payment has been received from B M Gandhi till date.

"...Hereby order to remit the an amount Rs 33,21,884 which includes the interest accrued for the months of November and December 2014 and Rs 1,000 towards administration charges from the deposits of the defaulter...," Sebi said.
Sebi has been granted powers by the Parliament to pass orders like search and seizure, attachment of properties, arrest and detention of defaulters.
The capital markets watchdog had begun initiating attachment proceedings against defaulters, including individuals and listed entities, one year ago.