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Capital market regulator SEBI has fined 10 lakhs on Axis Securities for other regulatory criteria along with the rules of stock brokers.
The regulator said in an order on Friday that the fine is to be paid by the brokerage firm within 45 days.
In an order of the 82-Page, SEBI found that Axis Securities failed to follow regulatory processes in many fields, including reporting discrepancies and improper handling of client funds.
The market regulator found that Axis Securities had discrepancies in their increased supervision reporting in stock exchanges and stock statements, compared to actual holdings in depository accounts.
The Securities and Exchange Board of India (SEBI) also noticed that Axis Securities did not solve the money and securities of the customers as per the preference received from the customers and failed to provide the retention details with account details.
Additionally, the brokerage firm was passed on the punishment imposed by the stock exchanges for small collection of upfront/non -upfront margin to its customers.
Markets Watchdog said the brokerage firm had transferred customers’ securities with credit balance to “client unpaid securities account” and did not address customer complaints properly.
In addition, SEBI found some discrepancies on the part of Axis Securities in the reporting of politically exposed individuals and margin trading exposure that exceeded the acceptable limit with a reduction in margin collection from a customer.
Accordingly, the regulator was fined 10 lakhs on axis securities.
The order came after SEBI inspected Axis Securities for the period from April 2021 to November 2022.
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