sebi:Order/PM/PA/2022-23/16602
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Facts / Headnote
Violation found; penalty imposed under section 23D of SCRA and regulation 26(xiii), (xv) and (xvi) of the Broker Regulations
Provisions invoked
- s. 12
- s. 23
- s. 23J
- s. 23D
Regulations
- Reg. 6
- Reg. 9(f)
- Reg. 9
- Reg. 26
Parties
- India Infoline Limited (IIFL)
Holding
The Noticee violated SEBI 1993 Circular and clauses A(1), A(2) and A(5) of the code of conduct under Schedule II read with regulation 9(f) of the Broker Regulations by misusing credit balance of client funds for debit balance client funds, and a monetary penalty is attracted under section 23D of SCRA.
Full text
Adjudication order in the matter of India Infoline Limited in Adjudication Proceedings 2 Page 2 of 41 and A(5) of the code of conduct for stock brokers as stipulated in Schedule II read with regulation 9(f) of the Securities and Exchange Board of India (Stock Broker and Sub-Broker) Regulations, 1992 (hereinafter referred to as “Broker Regulations”) by misusing credit balance of client funds for debit balance client funds.
Adjudication order in the matter of India Infoline Limited in Adjudication Proceedings 2 Page 3 of 41 # Type and date of inspection Period of inspection Place inspected (if any) Purpose of inspection obligation to the stock exchange. (this inspection is hereinafter referred to as “Supplementary Inspection I”).
Adjudication order in the matter of India Infoline Limited in Adjudication Proceedings 2 Page 4 of 41 April 01, 2015 to January 31, 2017 are part of the second adjudication proceedings initiated against the Company (hereinafter referred to as “Adjudication Proceedings 2”).
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Source: SecMarx — sebi:Order/PM/PA/2022-23/16602. 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.