The SEBI has imposed a total penalty of Rs 26 crore on IL&FS Securities Services Ltd. In a separate order, the capital market regulator has imposed penalties of Rs 3 crore on AFSPL and another Rs 3 crore on its MD, Awanish Kumar Mishra. It has also imposed fines of Rs 14 lakh and Rs 7 lakh on its directors Himanshu Arora and Jitendra Kumar Tiwari. The capital market regulator has also restrained IL&FS Securities from acquiring any new clients till a period of two years. Further, the IL&FS arm would also undertake a comprehensive overhaul of all its procedures and policies, especially its Risk Management Policy and implement necessary corrective measures to ensure that the violations observed are not repeated, the regulator said.
SEBI imposes Rs 26 cr penalty on IL&FS Securities, AFSPL for fraudulent transfer of MF units
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Sebi slaps over Rs 32 crore penalties on IISL, AFSL, 3 individuals
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Dalmia Bharat receives securities worth ₹344 cr back from IL&FS Securities
PTI
New Delhi |
Updated on
April 05, 2021 Cement maker Dalmia Bharat Ltd on Friday said that securities worth ₹344 crore have been credited back to the demat account of its arm by IL&FS Securities Services following an order of the Supreme Court.
Mutual fund units of its two erstwhile subsidiaries were earlier “fraudulently and illegally transferred” by Allied Financial Services Pvt Ltd (AFSPL) “in collusion with IL&FS Securities Services Limited (ISSL),” Dalmia Bharat said in a regulatory filing.
The two subsidiaries were of Dalmia Bharat’s step-down firm Dalmia Cement (Bharat) Limited (DCBL). “We hereby further update that the said Securities of DCBL lying with ISSL were released in favour of DCBL and credited back to its demat account as per said order of the Supreme Court,” it said.