Sebi imposes Rs20 lakh fine on Angel Broking
1 min read . Updated: 22 Mar 2016, 11:08 PM IST
PremiumThe Securities and Exchange Board of India had conducted an inspection of the firm in September 2013
Mumbai: The Securities and Exchange Board of India (Sebi) on Tuesday slapped a fine of ₹ 20 lakh on Angel Broking Pvt. Ltd and ₹ 5 lakh on sub-broker Pradeep A. Ramnani for violating capital market norms.
The capital market regulator, during an inspection conducted in September 2013, had found that the firm had allowed Ramnani to operate futures and options trading terminal without the necessary qualifications.
“Serious foul play of the stock broker (Angel Broking) cannot be ignored as it is the main intermediary for carrying out the transactions on behalf of the clients and is responsible for the acts of the sub-broker," Sebi said in its 26-page order.
