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The Securities and Exchange Board of India (Sebi) today imposed a penalty of Rs 8 lakh on Finquest Securities for violating broker norms in a matter related to dealing in shares of the erstwhile Bank of Rajasthan (BoR).
Sebi has said Finquest Securities traded for some clients who were related to the promoters of BoR and received third-party payments which are made for the trades from entities other than their clients.
The matter relates to Sebi's probe into the affairs of BoR for the period June 2007 to December 2009. BoR has been acquired by ICICI Bank.
