sebi:Order/NH/YK/2024-25/31203
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Facts / Headnote
Violations established against Axis Securities Limited; penalty of Rs. 10,00,000 imposed under Section 15HB of the SEBI Act
Provisions invoked
- s. 11B
- s. 11
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 6
- Reg. 9(e)
Parties
- Axis Securities Limited
Holding
The Adjudicating Officer held Axis Securities Limited violated enhanced supervision reporting, holding statement, client funds settlement, margin-penalty pass-on, client unpaid securities, grievance redressal, margin trading funding and margin collection norms and imposed a penalty of Rs. 10,00,000 under Section 15HB of the SEBI Act.
Full text
Adjudication Order in the matter of Axis Securities Limited Page 2 of 82 (hereinafter referred to as “Brokers Regulations”), SEBI Circulars, and Exchange Circulars were alleged. The summary of the violations alleged to have been committed by the Noticee and the corresponding provision of the securities law are given in the table below: Table 1 Sr. No. Alleged Violations (Summarized) Regulatory Provisions
Adjudication Order in the matter of Axis Securities Limited Page 3 of 82 Sr. No. Alleged Violations (Summarized) Regulatory Provisions 25, 2017 (hereinafter referred to as “MCX Circular dated September 25, 2017”), MCX Circular No. MCX/INSP/400/2017 dated October 30, 2017 (hereinafter referred to as “MCX Circular dated October 30, 2017”) and MCX Circular No. MCX/INSP/446/2017 dated November 29, 2017 (hereinafter referred to as “MCX Circular dated November 29, 2017”).
Adjudication Order in the matter of Axis Securities Limited Page 4 of 82 Sr. No. Alleged Violations (Summarized) Regulatory Provisions SEBI/HO/MIRSD/DOP/P/CIR/2021/577 dated June 16, 2021 (hereinafter referred to as “SEBI Circular dated June 16, 2021”), and BSE Circular 20210616-41 dated June 16, 2021 (hereinafter referred to as “BSE Circular dated June 16, 2021”).
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Source: SecMarx — sebi:Order/NH/YK/2024-25/31203. 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.