Sebi Clears Prudent Broking Services of Fraud Allegations

The Securities and Exchange Board of India (Sebi) has cleared Prudent Broking Services of involvement in alleged fraudulent trading activities linked to its associate, Alpesh Furiya. The regulator stated that there was insufficient evidence to hold the firm accountable for the trades executed through the CTCL terminal by its representative.

In a recent order, Sebi explained that the investigation report did not prove that Prudent Broking Services had knowledge of or allowed the fraudulent trades. Consequently, the firm cannot be held liable for the actions of Alpesh Furiya.

The case also addressed charges against television anchor Pradeep Pandya and others for separate fraudulent trading activities. Pandya, along with multiple entities, has been banned from the securities market for five years and fined collectively Rs 2.6 crore.

(With inputs from agencies.)