Sharekhan has settled two cases with the Securities and Exchange Board of India by paying nearly Rs 3 crore towards settlement charges for violation of norms pertaining to trade practices and stock broking.
The regulator had initiated two adjudication proceedings against the entity for alleged violations of the Prohibition of Fraudulent and Unfair Trade Practices norms as well as code of conduct of stock brokers and sub-brokers.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
In one case, the market regulator had sent a notice in February 2017, while it is yet to issue a notice in the second case.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
The SEBI conducted a probe and found that certain entities were front-running the trades of Sterling group.
Sharekhan was allegedly “indulged in front-running activity through its proprietary trading account thereby making personal gains”, a SEBI order said.
It was also alleged that Sharekhan facilitated certain entities to carry out the front-running activity disregarding the alerts received from the stock exchange.
The regulator also said Sharekhan allowed improper use of information of confidential nature of clients by the dealers.
While both the proceedings were pending with SEBI, Sharekhan filed two settlement applications without denying or admitting the charges and proposed to pay Rs 2.93 crore towards settlement.
The settlement proposed was approved by a panel of SEBI's whole-time members and the amount was remitted on April 8, 2019.
Thereby, the proceedings initiated against Sharekhan are settled, the regulator said.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
