sebi:Order/NH/YK/2023-24/30191
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Facts / Headnote
Monetary penalty imposed on the Noticee for violations of SEBI/NSE circulars relating to client onboarding, UCC mapping, and advertisement code
Provisions invoked
- s. 11B
- s. 11
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 199
- Reg. 9
Parties
- Fyers Securities Private Limited
Holding
The Noticee was found to have violated provisions of SEBI and NSE circulars regarding client onboarding (auto-populated fields, missing options for running account, PEP, DDPI/EDIS, dealing with other brokers, past SEBI/exchange actions), UCC mapping (common email/mobile across multiple UCCs and mobile number discrepancies), and running a client inducement contest without exchange approval under the Advertisement Code. A monetary penalty was imposed under Section 15HB of the SEBI Act.
Full text
Adjudication order in the matter of Fyers Securities Private Limited Page 2 of 29 compliances of Circulars issued by SEBI and National Stock Exchange of India Ltd. (hereinafter referred to as “NSE”) were observed. The extracts of the violations alleged to have been committed by the Noticee and corresponding provision of the securities law are given in the table below:
Adjudication order in the matter of Fyers Securities Private Limited Page 3 of 29 dealing with any other sub- broker/stock broker, option for providing details of any past action taken by SEBI/Stock Exchanges, option of Demat Debit and Pledge Instruction (DDPI)/ Electronic Delivery Instruction Slip (EDIS), DDPI is not indexed as part of voluntary documents, Client's signature is auto populated in Equity segment across BSE and NSE and Mutual Fund Segment across BSE. “SEBI Circular dated August 22, 2011”) and Clause 12 of Annexure A to SEBI Circular MIRSD/SE/Cir- 19/2009 dated December 03, 2009 (hereinafter referred to as “SEBI Circular dated December 03, 2009”).
Adjudication order in the matter of Fyers Securities Private Limited Page 4 of 29 to inquire into and adjudge under the provisions of the Section 15HB of the SEBI Act for the aforementioned violations of the provisions of law alleged to have been committed by the Noticee.
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Source: SecMarx — sebi:Order/NH/YK/2023-24/30191. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.