Sebi imposes Rs 9 lakh penalty on stock broker whose 1,103 clients were 'dependent children' aged between 34 & 100 years
capital market regulator Securities and Exchange Board of India (Sebi) came across more than 1,100 client accounts of a single stock broker where relationship data associated with them was detected as «dependent children». Very strangely, they were aged between 34 to 100 years.
The concerned stock broker is 'Stockholding Services Limited' who has been penalised with an amount of Rs 9 lakh after the market watchdog found the company in violation of Sebi norms.
Sebi had carried out thematic inspection of Stockholding Services Limited for the theme ‘Multiple UCCs mapped to common email id or common mobile number’ for the period April 1, 2022 to June 20, 2023.
In its investigation, Sebi found that the said broker did not carry out due diligence while capturing relationship data for 1,103 UCCs.
In its defense, 'Stockholding Services had argued that it appeared these clients were having lack of clarity about providing a declaration of the mobile numbers and email ID/along with providing relationship details.
Stock Trading
Masterclass on Value Investing and Company Valuation
Stock Trading
Market 104: Options Trading: Kickstart Your F&O Adventure
By — Saketh R, Founder- QuickAlpha, Full Time Options Trader
Stock Trading
Technical Analysis for Everyone — Technical Analysis Course
By — Abhijit Paul, Technical Research Head, Fund Manager- ICICI Securities
Stock Trading
Stock Markets Made Easy
By — elearnmarkets, Financial Education by StockEdge
Stock Trading
Renko Chart Patterns Made Easy
By — Kaushik Akiwatkar, Derivative Trader
