Uncategorized

SEBI fines Aditya Birla Money Limited over Rs 1 crore

The Securities and Exchange Board of India (SEBI) on Monday imposed a total fine of over Rs 1 crore on Aditya Birla Money Ltd for violating several market norms, including stock broker rules. Proceedings were initiated against Aditya Birla Money Limited on the basis of joint inspection.

SEBI proceedings against Aditya Birla Money

The proceedings against Aditya Birla Money were initiated on the basis of a joint inspection conducted by SEBI, BSE, NSE and depositories in March 2019 and a special purpose inspection conducted by SEBI in March 2018. Based on the findings of the inspection, SEBI has initiated this action.

Alleged violation of stock broker regulation

SEBI said that a registered stock broker should maintain all high level standards of integrity. He must exercise proper skill and care. Along with this, the statutory requirements should be complied with and under normal circumstances the client should not be given investment advice, which was not followed by Aditya Birla Money Limited.’

1.02 fine imposed

Along with this, SEBI said that while there is a violation of stock broker regulation, Aditya Birla Money Limited has done it. At the same time, portfolio service has also been provided for the customers without any compromise. In such a situation, SEBI has imposed a total fine of Rs 1.02 on Aditya Birla Money Limited, which Aditya Birla Money Limited has got 45 days to pay.

Read also:
Mumbai Cruise Drugs Case: NCB arrests Shreyas Nair, what is his ‘link’ to Aryan Khan?

Pandora Papers case will be investigated under the supervision of CBDT chairman, Center orders

.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
error: Content is protected !!