Bondconnect Securities, others pay Rs 16 lakh to settle Sebi case

Bondconnect Securities and two others settled a case with Sebi, over alleged failure to ensure that all orders placed on the online bond platform regarding debt securities were routed through a stock exchange's RFQ platform, on payment of total Rs 15.92 lakh.

In addition to Bondconnect Securities (formerly known as Wealthsigns Securities), Aditya Umeshchandra Mehta and Amal Manish Dani also settled the case.

This came after the entities filed a settlement application with Sebi proposing to settle the alleged violation of regulatory norms "without admitting or denying the findings of facts and conclusions of law, through a settlement order".

Acknowledging the settlement, Sebi in its order said," in view of the acceptance of the settlement terms and the receipt of the settlement amount ... the instant adjudication proceedings initiated against applicants vide SCN (show cause notice) dated October 24, 2024 is disposed of".

 

In the show cause notice, it was alleged that the applicants failed to ensure that all orders placed on the online bond platform with respect to listed debt securities, municipal debt securities and securitized debt instruments are routed through the RFQ (Request For Quote) platform of a recognized stock exchange.

In a separate order, the regulator has suspended the registration of Profit Vista Financial Research Proprietor Gaurav Agrawal, for a period of six months for violating investment advisers rule.

The regulator found that the employees of Agrawal did not have requisite qualifications/certification and Agrawal failed to provide the information/requisite documents and necessary assistance and co-operation to Sebi.

The findings came after the Securities and Exchange Board of India (Sebi) conducted an inspection of the noticee for the period from April 1,2020 to September 16, 2021 in order to examine compliance with the applicable requirements.