Sebi Slaps Rs 7 Lakh Penalty on Reliance Securities for Compliance Failures
The Securities and Exchange Board of India (Sebi) fined Reliance Securities Rs 7 lakh for violating stock broking norms. An inspection found incorrect margin reporting, non-compliance with risk-based supervision guidelines, and cybersecurity issues. Sebi ordered the penalty after discovering multiple discrepancies in the firm's data reporting.
- Country:
- India
The Securities and Exchange Board of India (Sebi) has imposed a penalty of Rs 7 lakh on Reliance Securities. The sanction comes due to the stock broker's failure to comply with established norms.
During an inspection from December 2022 to January 2023, Sebi found discrepancies in the daily margin statements and ledger balances reported by Reliance Securities.
Additional violations included non-compliance with risk-based supervision guidelines and cybersecurity lapses, prompting the regulatory body to levy the fine.
(With inputs from agencies.)
ALSO READ
UPDATE 4-Luigi Mangione will not face death penalty after US judge dismisses murder charge
UPDATE 3-Luigi Mangione won't face death penalty after US judge dismisses murder charge
UPDATE 2-Luigi Mangione won't face death penalty after US judge dismisses murder charge
Judge bars federal prosecutors from seeking death penalty against Luigi Mangione
Shanghai Port Faces Penalty Amid Chinese Super League Gambling Scandal
Google News