SEBI Imposes Rs90 Lakh Penalty on Anugrah Stock & Broking for Repeated Violations of Norms moneylife.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneylife.in Daily Mail and Mail on Sunday newspapers.
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After hearing the grievances of investors and clients of Anugrah Stock & Broking Pvt Ltd (Anugrah) the Bombay High Court says there exists a prima facie case and the statutory authorities have, indeed, failed in performing their duties under the law. Especially the bench observed that market regulator Securities and Exchange Board of India (SEBI), which has wide powers, ought to have passed necessary orders in the interest of clients or constituents of Anugrah. Action, if any, taken by the authorities, including SEBI, were at a belated state, the HC noted.
The bench of justice SS Shinde and justice MS Karnik was hearing petitions filed by investor-clients of the crisis-hit Anugrah Stock & Brokers. Dr Birendra Saraf of Parinam Law Associates represented the investors during the hearing.