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SEBI on Tuesday imposed a fine of ₹25 lakh on Angel Broking Pvt Ltd and sub-broker Pradeep A Ramnani for violating capital market norms.
While SEBI slapped a penalty of ₹20 lakh on Angel Broking, its sub-broker has been fined ₹5 lakh.
The fine was imposed on them as Ramnani, who did not possess the necessary NSE Certification in Financial Markets, which is needed to operate an F&O trading terminal, had executed trades in the derivative segment. Besides, it found that certificates of a third person had been uploaded wrongly into qualification/records of Ramnani.
SEBI’s Adjudicating Officer Rachna Anand said the “serious foul play of the stock broker (Angel Broking)” cannot be ignored as it is the main intermediary for carrying out the transactions on behalf of the clients and is responsible for the acts of the sub-broker.
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