November 2019
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Sebi fines Emkay Global Rs 3 lakh for violating broker norms
New Delhi: Markets regulator Sebi on Friday imposed a penalty of Rs 3 lakh on Emkay Global Financial Services for violating brokers' norms, including not settling funds and securities of most of the inactive clients.

The Securities and Exchange Board of India (Sebi) initiated adjudication proceedings against the brokerage house for the alleged violation of brokers' norms and found that the value of unsettled amount for inactive accounts during 2013-14 was Rs 1.76 crore and 2014-15 (till December 2014) was Rs 3.90 crore.

Further, there were 196 and 570 clients with balance of more than Rs 10,000 during 2013-14, and April to December 2014 respectively, it added.

Also, Sebi noted that the brokerage house utilised overdraft facility on client bank account and charged interest to the client bank account for such facility, which is in violation of the brokers' norms.

Sebi, however, said that Emkay Global has taken "corrective steps to address the violations observed during inspection, by closing the overdraft facility on clients bank account, and settling funds and securities of most of the inactive clients".

Consequently, the regulator slapped a fine of Rs 3 lakh on Emkay Global.

In separate orders, the markets watchdog imposed a penalty of Rs 7 lakh on VCK Share and Stock Broking Services, Rs 5 lakh on Alice Blue Commodities, Rs 2 lakh on Monarch Networth Capital and Rs 1 lakh on Raghunandan Capital for violating stock brokers' norms.

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