The Securities and Exchange Board of India (SEBI) has barred IIFL Securities, formerly known as India Infoline Ltd, from taking on new clients for two years due to misusing client funds. The regulator found that the brokerage firm had misused credit client funds for settlement of proprietary trades and those of debit balance clients, from April 2011 to June 2014. Furthermore, these violations resurfaced during SEBI’s March 2017 inspection. In addition, IIFL breached provisions of the code of conduct prescribed under stockbroker rules that every registered stockbroker must adhere to. Sebi has also imposed on IIFL a fine of INR10m ($135,000) for misusing client funds.
SEBI Bars IIFL Securities from Taking on new Clients for Two Years over Misuse of Customer Funds
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