The Securities and Exchange Board of India (SEBI) has closed the proceedings against IIFL Securities without issuing any directives.
SEBI: The market regulator has closed the proceedings against IIFL Securities on Friday without issuing any directives.
The regulator conducted an inspection of the brokerage from April 1, 2022, to July 31, 2022, to assess compliance with various requirements under the SEBI (Stock Brokers) Regulations, 1992, and related circulars.
In an order issued on January 17, the Securities and Exchange Board of India’s Whole-time Member, Amarjeet Singh, noted that while the Noticee denied most allegations, they acknowledged that any remaining allegations were technical and minor in nature, with no impact on clients or the market. The Noticee (IIFL Securities) argued that these procedural lapses should be considered within the broader context of their operations and compliance efforts.
Despite the technical nature of the violations, the Noticee is not absolved of its responsibilities. However, it is worth noting that SEBI had initiated adjudication proceedings for the same allegations, resulting in a penalty of ₹11,00,000 imposed on the Noticee in an Adjudication Order dated August 21, 2024, which has been paid.
(This information will be updated as needed.)
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