IIFL Wealth Management Limited on SEBI order against dealer at IIFL Asset Management Ltd

IIFL Wealth Management Limited has clarified with reference to SEBI's Ad Interim Ex Parte Order against Mr. Santosh B Singh (Dealer at IIFL Asset Management Limited, wholly owned subsidiary). Through SEBI's order, Santosh Singh and his referred mule accounts have been debarred from dealing in securities market for violation of front-running etc.

IIFL AMC has taken immediate and serious note of the SEBI findings and its action against its employee Santosh B. Singh, a dealer. Keeping in view the order and seriousness of finding, IIFL AMC has suspended the services of above employee with immediate effect, vide its letter dated October 4, 2020.

IIFL AMC has initiated an internal inquiry into the conduct and functioning of this employee, taking into account the information and findings of SEBI.

IIFL AMC has also instructed Santosh Singh to fully co-operate in the inquiry as well as SEBI Investigations and provide all requisite information.

IIFL AMC has in place necessary systems, processes and controls as per regulatory requirements including risk management systems, code of conduct etc. We have taken serious note of SEBI Order and finding and have initiated immediate internal review and further strengthening of system, processes and controls.

IIFL AMC will ensure extending full co-operation to SEBI in its above investigation and will further update SEBI on our findings and review.

Shares of IIFL Wealth Management Limited was last trading in BSE at Rs. 988.60 as compared to the previous close of Rs. 963.75. The total number of shares traded during the day was 378.

The stock hit an intraday high of Rs. 1000 and intraday low of Rs. 955.60.

Source : Equity Bulls

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