Comments
IIFL Securities plans to move the Securities Appellate Tribunal against SEBI’s order banning the broking firm from enrolling new customers for two years.
The order does not affect the company’s current business with the existing clients, said IIFL Securities.
The said order pertains to inspections carried out for different periods from April 2011 to January 2017 before SEBI issued the Enhanced Supervision Circular dated September 26, 2016. The Enhanced Supervision circular was made effective from July 1, 2017.
The SEBI’s order applies to the circular retrospectively even while confirming that after it became effective, there has been no non-compliance with the same, said IIFL Securities.
The said order records, “I find no instance of misuse of clients funds by the Noticee placed before me which has occurred subsequent to implementation of Enhanced Supervision Circular dated September 26, 2016”.
The company is in the process of preferring an appeal against the said order before the Securities Appellate Tribunal, said the broking firm.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.