Violation of Client Fund Handling Rules: Improper Transfers Breach Regulatory Directives for Asset Segregation.

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....Segregation of the funds and securities of client - The submission that the money was withdrawn from one account and credited to another account was on the strength of the letter of authority from the respective client cannot be accepted so far as the present circular is concerned. In our view, the appellant had committed breach of the directions contained in the said circular.....