Mutual Fund

Sebi fines brokerage firm Anand Rathi for violating stock broker norms; transfers funds from client’s account to own

Markets regulator Securities and Exchange Board of India (Sebi) on Tuesday fined brokerage house Anand Rathi Rs 1 lakh for violating stock broker norms by transferring funds from the client’s account to own account and vice versa on several occasions. In an order, the regulator said that Anand Rathi Shares and Stock Brokers has mixed-up client’s funds with its own funds and vice versa and thereby acted in contravention of Sebi (Stock Brokers and Sub-Brokers) Regulations. In a separate order, Sebi has levied a total penalty of Rs 5 lakh on four persons for failing to make a disclosure about change in their shareholding in SMS Techsoft Ltd within the required timeline.

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