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Stock Report
SAT set aside SEBI order against IIFL Securities prohibiting onboarding new clients for two years as a stock broker
Posted On : 2023-12-07 22:14:28( TIMEZONE : IST )
IIFL Securities Ltd., one of India's leading stock-broking firms today said that the Hon'ble Securities Appellate Tribunal (SAT) has set aside the Securities Exchange Board of India (SEBI)'s Order dated June 19, 2023 prohibiting IIFL Securities from onboarding new clients for a period of two years in respect of its business as a stock broker and reduced the monetary penalty to Rs. 20 lacs in the Adjudication Orders dated May 20, 2022 and May 30, 2022.
Mr. R. Venkataraman, Chairman and Managing Director, IIFL Securities said, "We are pleased that Hon'ble SAT has set aside the SEBI order prohibiting the Company from onboarding new clients. We reiterate our commitment to serve all our clients with highest degree of corporate governance."
The Hon'ble SAT vide its Order dated December 07, 2023 opined that there is no reason to initiate two separate proceedings for same cause of action by bifurcating the period. Accordingly, all the three appeals are partly allowed. The findings given by the WTM, SEBI and the Adjudicating Officer (AO) on the issue of nomenclature of the client accounts being violative of the 1993 circular is affirmed. All other findings are set aside. Consequently, the direction of the WTM, SEBI restraining the Company from taking new clients for a period of two years is set aside. The penalty imposed by the AO is reduced to Rs. 20 lacs.
The Company further clarifies that the issue pertaining to nomenclature of the client accounts has been rectified and the Company is compliant with the applicable Regulations/Circulars.
Shares of IIFL Securities Limited was last trading in BSE at Rs. 118.00 as compared to the previous close of Rs. 115.75. The total number of shares traded during the day was 218098 in over 2325 trades.
The stock hit an intraday high of Rs. 122.50 and intraday low of 116.00. The net turnover during the day was Rs. 26122763.00.
