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Indiabulls Securities pays Rs 1 crore to Sebi to settle allegations

BS Reporter / Mumbai 19 Dec 14 | 05:44 PM

Capital market regulator Securities and Exchange Board of India (Sebi) today said it has disposed of a case against Indiabulls Securities on alleged irregularities related to its broking operations.

The matter was settled through the consent route and Indiabulls Securities paid Rs 1 crore as settlement charges.

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The case dates back to November 2006 when a Sebi inspection had found lapses at the firm' broking operations. Some of the alleged irregularities included delay in submission of information to Sebi, failure to maintain proper records and allotting multiple client codes.

In September 2009, Indiabulls Securities had made an application to settle the proceedings through the consent mechanism.

As a part of the settlement process, the company had to appoint an auditor to certify that the various irregularities pointed out in the inspection were duly rectified.

Akin to out-of-court settlements, the consent mechanism is used to settle disputes between the regulator and alleged securities law offender without denying or admitting the guilt.

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