ICICI Securities Resolves Sebi Case with Rs 40.2 Lakh Settlement

ICICI Securities has settled allegations of violating stock broker regulations with Sebi, the Indian capital markets regulator, by paying settlement charges of Rs 40.2 lakh. The firm neither admitted nor denied the violations, and the case concluded with the issuance of a settlement order.

ICICI Securities, a prominent brokerage firm, has reached a settlement with the Securities and Exchange Board of India (Sebi) concerning charges of regulatory breaches. The settlement involved a payment of Rs 40.2 lakh and was executed without the firm either admitting or denying the alleged infractions.

The adjudicating officer, Amit Kapoor, confirmed that the proceedings against ICICI Securities, which began with a show cause notice on May 17, 2024, have concluded with acceptance of settlement regulations. This resolution reflects the firm's strategy to address the matter without engaging in prolonged legal proceedings.

The matter pertained to the brokerage's alleged non-compliance with stock broker rules, including inadequate oversight of its authorised personnel. The case highlights the ongoing scrutiny and regulatory compliance requirements within the financial markets.

(With inputs from agencies.)