HSBC InvestDirect settles disputes with SEBI for Rs 3.3 Cr
Published: Jan 18, 2018
By TIOLCORPLAWS News Service
MUMBAI, JAN 18, 2018: HSBC InvestDirect Securities has settled proceedings with SEBI in connection with alleged violation of stock broker norms on payment of over Rs 3.30 crore towards settlement charges.
The SEBI had initiated the proceedings against the brokerage firm under the SEBI (Intermediaries) Regulations in July 2009 for the alleged violation of stock brokers norms in the matter of Adani Exports.
HSBC InvestDirect Securities (India) Limited earlier known as IL&FS Investmart Securities Limited had filed an application offering to settle the proceedings pending against them for the alleged violation of the provisions of various Regulation.
Thereafter, SEBI's High Powered Advisory Committee recommended the case for settlement upon payment of the amount, which was approved by the SEBI's panel of Whole Time Members, following which the the brokerage firm remitted the amount.
Accordingly, SEBI has disposed of the adjudication proceedings initiated against HSBC InvestDirect. However, it further said that enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by it is found to be untrue.