Sebi’s instructions are instructions after the company was inspected from December 22, 2022 to January 24, 2023 to verify that the entity has compiled stock brokerage activities.
SEBI sentenced Reliance Securities to Rs 7 lakh for violating stockbroker norms. Market regulators have directed the company to pay the fine within 45 months. Reliance Securities is the brokerage and distribution unit of Reliance Capital, once owned by Anil Ambani’s Reliance Group. Reliance Capital was recently acquired by Hinduja group company Indusind International Holdings (IIHL).
Now, SEBI’s instructions are to verify that the entity compiled stockbroker’s stockbroker’s activity after checking Reliance Securities from December 22, 2022 to January 24, 2023. Sebi found in the investigation that Reliance Securities reported incorrect details in the daily margin statements sent to customers in three cases. Furthermore, in one instance, the balance of the ledger is reported incorrectly. Additionally, regulators noted that Reliance Securities did not comply with the risk-based supervision guidelines (RBS) guidelines when reporting RBS data.
“In Sug R, Reliance Securities announced as the total funds available in the bank (all customer bank accounts, including solution accounts)/Clearing Members (CM)/Clearing Company (CC) announced Rs 1,613 crore because on the last day of the evaluation period, the verification volume of verification was verified on the last day of the unverified last day. Famously.
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Regulators noted that in many cases brokerage firms impose early penalties on a small number of clients. Under the rules, under no circumstances shall a member be allowed to impose a fine for short-term upfront margin on the client. Regarding network security, SEBI pointed out the results of network security audits in three periods. Reliance Securities failed to confirm product testing before use and did not designate network security personnel in accordance with SEBI’s requirements.
(Input with PTI)
