MUMBAI – India’s Securities and Exchange Board has barred IIFL Securities, a leading brokerage firm, from onboarding new clients for two years over allegations of breaching stockbroker code of conduct regulations. The order was issued following six inspections carried out by the regulator into the company’s affairs. In the order, Wholetime member S.K Mohanty noted that two inquiry proceedings were opened against the brokerage firm. IIFL is the latest Indian firm to suffer penalties from financial regulators over alleged misdeeds.
IIFL Securities Banned by SEBI from Taking New Clients for 2-Year Period
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