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        Case ID :
        SEBI

        The Board established violations against the Noticee for...

        Broker penalized for improper client fund segregation and settlement violations despite no client losses

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                The Board established violations against the Noticee for improper segregation of client funds and securities, settlement discrepancies, stock mismatch alerts, and margin collection shortfalls. The Noticee violated SEBI Enhanced Supervision Circular provisions by transferring funds from client to proprietary accounts for unauthorized purposes, citing "ease of business" rather than legitimate recovery purposes. Despite the Noticee's justifications of minimal technical glitches and inadvertent errors, the Board found these insufficient to excuse non-compliance. However, violations regarding stock reconciliation and email/mobile number verification were not established. Considering no client losses occurred and corrective measures were implemented, the Board issued a regulatory censure against the Noticee, deemed proportionate given the circumstances and existing penalty of Rs. 9,00,000 imposed through separate adjudication proceedings.
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