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Sebi slaps Rs 10 lakh fine on stock broker for misusing clients' funds

Press Trust of India  |  New Delhi 

Market regulator Sebi has imposed a penalty of Rs 10 lakh onbrokerage house Indira Securities for misusing clients' funds.

It was alleged that brokerage failed to segregate money of clients and used the money of credit balance clients for debit balance clients, and for own purpose.

The regulator carried out an investigation of broking operations of Indira Securities from April 1, 2015, to March 19, 2018, and found that the broker misutilised client funds.

By doing so, it has violated the provisions of SCRA (Securities Contracts Regulation Act), Sebi said.

In a separate order, Sebi levieda fine of Rs 3 lakh each on A Y Fazalbhoy and New Vision Group Holding for not disclosing their shareholding in Kore Foods (earlier known as Phil Corporation.

By doing so, these entities have violated the provision of SAST (Substantial Acquisition of Shares and Takeovers) and insider trading norms.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 24 2020. 18:54 IST
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