Sebi imposes Rs 90L fine on Anugrah Stock and Broking for violating norms

Sebi on Tuesday slapped a fine of Rs 90 lakh on Anugrah Stock and Broking Pvt Ltd for violations of market norms. The order follows a joint investigation carried out by Sebi, BSE, NSE and Central Depository Services India between April 2017 and September 2018. "It is established that the noticee failed to segregate client's funds inter-se and/ or between clients' funds and its own funds, misutilised the funds of clients, pledged the securities of clients other than the respective client obligation, funding the clients by allowing exposure beyond the prescribed time frame as specified in the regulations, failed to settle client accounts...," Sebi said. The noticee is Anugrah Stock and Broking. Sebi found that the broker had misused credit clients' funds to meet the obligations of debit balance clients and the amount of misutilisation ranged between Rs 8.05 crore and Rs 118.77 crore for the selected sample days. In addition, the broker misutilised clients' funds and securities by ..

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