In a significant resolution, brokerage firm ICICI Securities agreed to pay Rs 80.4 lakh to settle alleged transgressions of stock broker regulations and market norms, as per a decision by market regulator SEBI.
This development followed ICICI Securities’ settlement application submission in August the previous year, aiming to address adjudication proceedings initiated under SEBI’s rules.
The allegations stemmed from a joint inspection by SEBI and NSE during April and May 2023, revealing multiple non-compliance issues concerning margin trading facilities, software glitches, and reporting failings.
(With inputs from agencies.)
