Related News

A Dell Technologies sign is seen in Round Rock, Texas, on June 2, 2023. Brandon Bell | Getty Images Dell Technologies reported second fiscal quarter results on Thursday that beat

Intel CFO David Zinser said that the semiconductor giant received $5.7 billion from the U.S. government on Wednesday evening. Zinsner acknowledged the investment on Thursday during an investor conference. The

The Centre’s move to extend the import duty exemption on cotton until 31 December 2025 is set to strengthen India’s position in global textile markets, reviving orders for small and

India’s proposed Goods and Services Tax (GST) reforms could help soften the blow of steep US tariffs and give a lift to household spending, BMI, a Fitch Solutions company, said

On August 28, 2025, SpaceX achieved a historic milestone with Falcon 9 booster B1067 completing its 30th successful flight and landing. Launching from NASA’s Kennedy Space Center, the rocket ascended

India’s equity investors became poorer by Rs 9.69 lakh crore in two days as Dalal Street ended the past two sessions in red, with BSE Sensex dropping by over 1500

Trending News

In today’s digital age, the opportunity to make money online without any initial investment is more accessible than ever before. Whether you’re a student looking to earn some pocket money,

In today’s digital world, make money online has become a dream many want to turn into reality. Whether you’re looking for a side hustle or aiming to build a full-time

JSW Cement, the building materials arm of Sajjan Jindal-led JSW Group, has reduced the size of its upcoming initial public offering (IPO) to Rs 3,600 crore and will open the

The agricultural Gross Value Added (GVA) growth is expected to moderate to 4.5% in the first quarter of FY26, down from 5.4% in the preceding quarter, according to a report

Foreign portfolio investors (FPIs) turned net sellers in the Indian equity market in July, pulling out Rs 17,741 crore amid rising global trade tensions. According to data from NSDL, this

Avenue Capital Group-backed Asset Reconstruction Company (India) Ltd (ARCIL) has filed its draft red herring prospectus (DRHP) with markets regulator Sebi on Friday to raise funds through an initial public

ICICI Securities pays Rs 80.4 lakh to settle stock broker rule violation case with Sebi

Word Count: 707 | Estimated Reading Time: 4 minutes


ICICI Securities pays Rs 80.4 lakh to settle stock broker rule violation case with Sebi

NEW DELHI: Brokerage firm ICICI Securities on Friday settled with markets regulator Sebi a case of alleged violation of stock brokers rules as well as other market norms after paying Rs 80.4 lakh towards settlement fee. The order came after ICICI Securities filed a settlement application in August last year, requesting the regulator for the settlement of the adjudication proceedings under the Sebi’s (Settlement Proceedings) rules.
“…the instant adjudication proceedings initiated against the applicant (ICICI Securities) vide show cause notice dated June 19, 2024, is disposed of in terms of the Settlement Regulations,” Sebi’s chief general manager and adjudicating officer N Hariharan said.
The case stemmed from a joint inspection conducted by Sebi and NSE in September 2023, covering the period from April to May 2023.
The inspection found multiple non-compliances related to margin trading facility (MTF), software issues, and reporting lapses allegedly flouting stock broker rules and other market norms.
Thereafter, Sebi issued a show cause notice (SCN) on June 19, 2024, to the applicant.
Sebi alleged that ICICI Securities had failed to comply with conditions under margin trading facility (MTF) agreed with the clients that in case of unconfirmed pledge securities under MTF, the securities are to be squared off by the applicant on T+1 day.
Further, the SCN alleged that the applicant did not square off unconfirmed pledge securities on T+1 day and kept such securities in Client Unpaid Securities Account/Pool account without any pledge flouting stock brokers rules.
Additionally, Sebi also alleged that the brokerage house transferred securities from current settlement ID to another, thereby avoiding penalties imposed by the National Securities Depository Ltd.
The show cause notice alleged that ICICI Securities has provided incorrect submissions with respect to data relating to unconfirmed pledge securities under MTF.
Pursuant to receipt of the application, the internal committee of Sebi, proposed a settlement amount of Rs 80.46 lakh, which was accepted by the company.
The committee also directed the brokerage firm to report the technical glitch to the exchanges and submit a preliminary incident report along with root cause analysis report.
Thereafter, ICICI Securities filed revised settlement terms, wherein it complied with the technical glitch directive on November 27, 2024. Subsequently, Sebi’s high powered advisory committee also recommended the matter be settled.
After remitting the settlement fee of Rs 80.46 lakh, ICICI Securities settled the case with Sebi.





Source link

Most Popular Articles