The Securities and Exchange Board of India (SEBI) disposed of proceedings against IIFL Securities, without issuing any directions, on Friday.
The case pertained to a compliance inspection of the brokerage between April and July 2022. After that, the regulator had issued circulars.
In Friday’s order, whole-time member Amarjeet Singh noted that IIFL Securities while denying most of the allegations, has submitted that even if few allegations still remain, those are of technical and venial in nature and have not caused any prejudice to the clients or markets at large.
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“It is also submitted that the procedural lapses ought to be seen in the context of the overall scale of operations handled by the Noticee (IIFL Securities) and the various compliance measures adopted by it. Be that as it may, the fact of the violations being technical and venial in nature does not absolve the Noticee from its liabilities,” the order said.
The order added that the adjudication proceedings were also initiated by the market regulator, which was concluded with the passing of an Adjudication Order dated August 21, 2024 whereby the Adjudicating Officer imposed a penalty of ₹ 11,00,000 upon the Notice that was paid.
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