https://www.taxtmi.com/caselaws?id=461788 Securities Appellate Tribunal Mumbai ruled that the appellant did not misuse client funds despite allegations of mixing client funds with proprietary funds in pool accounts. The Tribunal found no violation of the 1993 SEBI circular's segregation principles, noting the circular lacked specific computation formulas for deemed misuse. However, the appellant failed to change bank account nomenclature as required, constituting a technical breach. The Tribunal imposed a reduced penalty of Rs. 20 lakh for both show cause notices, considering it was merely a technical violation without actual client fund misuse. en-us Thu, 07 Dec 2023 00:00:00 +0530 Tue, 29 Apr 2025 10:16:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461788 Securities Appellate Tribunal Mumbai ruled that the appellant did not misuse client funds despite allegations of mixing client funds with proprietary funds in pool accounts. The Tribunal found no violation of the 1993 SEBI circular's segregation principles, noting the circular lacked specific computation formulas for deemed misuse. However, the appellant failed to change bank account nomenclature as required, constituting a technical breach. The Tribunal imposed a reduced penalty of Rs. 20 lakh for both show cause notices, considering it was merely a technical violation without actual client fund misuse. Case-Laws SEBI Thu, 07 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461788