https://www.taxtmi.com/highlights?id=85889 AT partially upheld SEBI's order against a registered stockbroker for misuse of client funds and providing excess exposure beyond T+2+5 days. The broker misutilized funds ranging from Rs. 88,000 to Rs. 2.48 crores across 31 instances, using credit balance clients' funds for debit balance clients' obligations. The charge of non-issuance of contract notes was dismissed as untenable. Applying the doctrine of proportionality and considering precedent of Angel Broking Ltd., while noting the appellant's status as a repeat offender, AT reduced the penalty from original amount to Rs. 15 lakhs. en-us Thu, 20 Feb 2025 08:02:33 +0530 Thu, 20 Feb 2025 08:02:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=85889 AT partially upheld SEBI's order against a registered stockbroker for misuse of client funds and providing excess exposure beyond T+2+5 days. The broker misutilized funds ranging from Rs. 88,000 to Rs. 2.48 crores across 31 instances, using credit balance clients' funds for debit balance clients' obligations. The charge of non-issuance of contract notes was dismissed as untenable. Applying the doctrine of proportionality and considering precedent of Angel Broking Ltd., while noting the appellant's status as a repeat offender, AT reduced the penalty from original amount to Rs. 15 lakhs. Highlights SEBI Thu, 20 Feb 2025 08:02:33 +0530 https://www.taxtmi.com/highlights?id=85889