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07 Apr 2025

105.00

-7.94%

Sebi fines Rs 7L on Reliance Securities for flouting stock brokers' norms

Business Standard

Markets regulator Sebi on Monday imposed a penalty of Rs 7 lakh on Reliance Securities for non-compliance with the stock brokers' norms. It has been directed to pay the fine within 45 months, according to an order issued by Sebi. The direction came after the Securities and Exchange Board of India (Sebi) conducted an inspection of Reliance Securities, a registered stockbroker, from December 22, 2022, to January 24, 2023, to verify whether the entity compiled the stock broking activities. In its probe, Sebi found that Reliance Securities reported incorrect details in daily margin statements sent to clients in three instances. Further, the ledger balance was wrongly reported in one instance. Additionally, the regulator noted that Reliance Securities did not comply with risk-based supervision (RBS) guidelines as data for cash collateral was not captured while reporting the RBS data. "In RBS, Noticee (Reliance Securities) declared Rs 16.13 crore to the exchange for total funds availabl