ICICI Securities Settles Case With Sebi

New Delhi: Brokerage firm ICICI Securities on Monday settled a case pertaining to the alleged violation of stock brokers rules with capital markets regulator Sebi, after paying Rs40.2 lakh towards settlement charges.

The order came after ICICI Securities proposed to settle the matter without admitting or denying the facts and conclusions of law, through a settlement order. “In view of the acceptance of the settlement terms... The adjudication proceedings initiated against applicant (ICICI Securities) vide show cause notice (SCN) dated May 17, 2024 is disposed of in terms of the settlement regulations,” Sebi’s adjudicating officer Amit Kapoor said.

The order came after the Securities and Exchange Board of India (Sebi) initiated adjudication proceedings against ICICI Securities for the alleged violation of Stock Brokers regulations. Thereafter, a show cause notice was issued by the markets watchdog to the applicant on May 17, 2024 for the alleged violation.

The SCN alleged that applicant had failed to monitor its authorised person (AP), as trading terminals of five users, allocated to the AP were being operated from unknown places, which were not reported to the exchange.