Axis Securities
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New Delhi: The Securities and Exchange Board of India (Sebi) Has imposed a 10 lakh penalty on Axis Securities for Breaching StockBroker regulations and other compliace norms. The firm has been directed to pay the fin with 45 days, the regulator stated in its order is issued on Friday.
In Its 82-Page Order, Sebi Found That Axis Securities Had Failed to Adhare to Regulatory Proceedings Across Multiple Areas, Includding reporting discrepancies and improper handling of client funds.
The firm was found to have inconsistencies in its enhanced supervision reporting to Stock exchanges, as well as mismatches between stocks and actual Holdings in Accounts Accounts.
Sebi also noted that Axis Securities Had Not Settled Clients' Funds and Securities According to their stated Preferences and Failed to Provide Retention Statements with Account Details. Further, the firm passed on penalties imposed by stock exchanges for short collection of margins to its clients, which the regulator deemed improper.
The watchdog found that Axis Securities Transferred Securities of Clients with Credit Balancs to a “Client Unpaid Securities Account” and did not adequately address customers. Additionally, the market regulator highlighted discrepancies in the brokerage firm's reporting of politically exposed personals and margin trading expenses, with one instance of a shortfall in margin collection.
The penalty follows sebi's inspection of Axis Securities Coversing The Period from April 2021 to November 2022.
(Tagstotranslate) Business News (T) Stockbroker Regulation Violation (T) Securities and Exchange Board of India (T) Sebi Order (T) Compliance Norms Breach (T) Axis Securities Penalty
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