SAT sets aside Sebi order barring IIFL Securities from taking new clients, reduces penalty to ₹20 lakh
In June, Sebi’s whole-time member S.K. Mohanty, in his final order, restrained IIFL Securities from onboarding new clients as a stockbroker for two years
The Securities Appellate Tribunal on Thursday overturned a Securities and Exchange Board of India (Sebi) order restricting IIFL Securities from acquiring new clients. The tribunal also lowered the penalty from Sebi’s initial fine of ₹1 crore to ₹20 lakh.
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