Sebi Slam: Anand Rathi Faces Rs 5 Lakh Fine
The Securities and Exchange Board of India (Sebi) slapped a fine of Rs 5 lakh on Anand Rathi Shares and Stock Brokers Ltd for regulatory violations. Sebi's inspection uncovered misuse of client funds, unauthorized trades, and misleading financial reporting, necessitating a regulatory penalty.
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The Securities and Exchange Board of India (Sebi) has penalized Anand Rathi Shares and Stock Brokers Ltd with a fine of Rs 5 lakh. This decision was made following a detailed inspection, highlighting significant regulatory breaches.
The investigation revealed that during the period from April 2020 to October 2021, the broker misused funds from clients who had credit balances to meet the obligations of those with debit balances. This financial mismanagement involved amounts between Rs 22.07 lakh and Rs 16.36 crore.
Moreover, the firm was found guilty of unauthorized trading in 28 instances and failed to maintain accurate financial records and reporting. The Sebi adjudicating officer emphasized the severity of these violations, resulting in the decided penalty.
(With inputs from agencies.)
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