Sebi imposes Rs 5 lakh fine on One Source Ideas Venture

Market regulator Sebi today slapped a fine of Rs 5 lakh on One Source Ideas Venture for allegedly failing to make yearly disclosures to the exchanges in the prescribed timeline.
The Securities and Exchange Board of India (Sebi), in its order, imposed "a penalty of Rs 5 lakh on the noticee i.E. One Source Ideas Venture (erstwhile Anugraha Jewellers)."
"The noticee (One Source Ideas Venture)has admittedly neglected its duty of making the disclosures during the period 2000-2001, 2001-2002, 2002-2003, 2005-2006 and 2007-2008 thereby demonstrating the casual and unbecoming attitude in fulfilling statutory obligations," Sebi noted.
In a separate order dated August 20, Sebi has warned stock broker Action Financial Services (India) Ltd "to be careful and cautious" while performing its duty in the securities market.

According to the regulator, Action Financial Services has inadvertently carried out trades on behalf of its client who was restrained from trading in securities market.
Sebi also noted that Action Financial Services has taken corrective steps as soon after they realised the mistake of trades executed for the debarred clients.
Consequently, Sebi has not levied any penalty on the broker but warned it "to be careful and cautious in the conduct of its business and to adhere to and comply with all statuary provisions while carrying out its activities in the securities.