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IIFL Securities says SAT reverses SEBI's client onboarding ban
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(09:06, 08 Dec 2023)
IIFL Securities has announced the reversal of the Securities Exchange Board of India's (SEBI) two-year ban on taking on new clients, following a decision by the Securities Appellate Tribunal (SAT). Additionally, the SAT reduced the penalty to Rs 20 lakh.

The SAT concluded that conducting two separate proceedings for the same issue was unnecessary, partially allowing all three appeals. The SAT upheld the findings related to the naming of client accounts as a violation, while setting aside other findings. IIFL Securities has affirmed that the identified issue has been rectified, ensuring compliance with regulations.

R Venkataraman, chairman and managing director, IIFL Securities said, We are pleased that Hon?ble SAT has set aside the SEBI order prohibiting the company from onboarding new clients. We reiterate our commitment to serve all our clients with highest degree of corporate governance.

In June, SEBI placed a two-year restriction on IIFL Securities, preventing the onboarding of new clients as a stockbroker. This decision followed SEBI's examination of IIFL Securities' activities from April 2011 to December 2013, revealing non-compliance with regulations regarding the segregation of client securities. SEBI alleged that IIFL Securities failed to adequately separate its own funds from those of its clients and also misused credit balances in clients' funds. Consequently, SEBI's adjudicating officer imposed a fine of Rs 1 crore on IIFL Securities.

IIFL Securities offers broking services, financial products distribution, institutional research and investment banking services. On a consolidated basis, net profit of IIFL Securities rose 93.59% to Rs 107.77 crore on 60.12% increase in net sales to Rs 506.97 crore in Q2 September 2023 over Q2 September 2022.

Shares of IIFL Securities rose 1.94% to Rs 118 on 7 December 2023.

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