Capital markets regulator Sebi has slapped a fine of Rs 10 lakh on brokerage firm Angel Broking Ltd for alleged violation of regulatory norms.
Angel Broking Ltd (now known as Angel One Ltd) is a Sebi-registered stock and commodity broker. The firm is listed on both the bourses — BSE and NSE.
The order came after Sebi along with the stock exchanges and the depositories conducted a comprehensive joint inspection of the functioning of Angel Broking Ltd (ABL).
The period of inspection was from April 2019 to December 2020. Based on the findings of the inspection, the markets watchdog initiated adjudication proceedings against ABL.
In its 78-page order, Sebi found that ABL pledged securities of clients who have a credit balance in their ledger and the mis-utilisation was to the extent of Rs 32.97 crore.
Also, the regulator observed that the noticee (ABL) did not do actual settlement of funds of inactive clients during the inspection period in 300 instances and the non-settled amount wa
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