https://www.taxtmi.com/caselaws?id=464559 Placement of a trading member's own surplus funds with a registered NBFC through its bank account, supported by an agreement describing the transaction as an inter-corporate deposit, did not by itself establish engagement in a prohibited business other than securities involving personal financial liability. The applicable exchange rule barred principal or employee participation in such businesses, while the SEBI circular excluded borrowing or lending connected with, incidental to, or consequential upon securities business. On the facts found, the alleged violation was not proved and the related penalty was set aside, although the overall penalty was reduced only by excluding the disallowed amount and the remaining penalties were sustained. en-us Wed, 29 Nov 2023 00:00:00 +0530 Tue, 04 Nov 2025 20:06:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464559 Placement of a trading member's own surplus funds with a registered NBFC through its bank account, supported by an agreement describing the transaction as an inter-corporate deposit, did not by itself establish engagement in a prohibited business other than securities involving personal financial liability. The applicable exchange rule barred principal or employee participation in such businesses, while the SEBI circular excluded borrowing or lending connected with, incidental to, or consequential upon securities business. On the facts found, the alleged violation was not proved and the related penalty was set aside, although the overall penalty was reduced only by excluding the disallowed amount and the remaining penalties were sustained. Case-Laws SEBI Wed, 29 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464559