Monarch Networth Settles with SEBI Over Stock Broker Rule Violation

Monarch Networth Capital Ltd resolved allegations of violating stock brokers' rules by paying a settlement of Rs 11.37 lakh to SEBI. The case involved fraudulent trading activities in the scrip of Atlantaa Ltd. Monarch Networth was accused of insufficient due diligence and regulatory compliance failures.

Monarch Networth Capital Ltd has settled an investigation with market regulator SEBI, paying a settlement amount of Rs 11.37 lakh for alleged violations of stock brokers' rules.

The settlement follows Monarch Networth's proposal to resolve the case without conceding to the regulator's findings. The investigation stemmed from trading activities involving Atlantaa Ltd from August 1, 2022, to November 23, 2022.

The Securities and Exchange Board of India's probe suggested entities might have misled investors via deceptive YouTube videos. Additionally, certain actors profited by manipulating stock prices. Monarch Networth's alleged lack of due diligence and rule adherence resulted in the case.

(With inputs from agencies.)