IIFL Securities is set to challenge an order by the Securities and Exchange Board of India (SEBI), which bars the company from taking on new clients for two years. The case dates back to 2014, when SEBI discovered that IIFL had breached code of conduct regulations by failing to segregate its own funds from clients’ funds. After several inspections and enquiries, SEBI found that funds had been regularly transferred from client accounts to IIFL’s pool accounts, which were managed and controlled by the company as its own bank account. Following a six-year investigation, SEBI has barred IIFL from adding any new clients. IIFL was not available to comment, but in an exchange filing, the company made clear its existing business would not be affected.
IIFL Securities to Challenge SEBI’s Client Onboarding Order in SAT
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