“In view of the acceptance of the terms of the settlement… the judgment proceedings initiated against the petitioner (ICICI Securities) vide show cause notice (SCN) dated May 17, 2024 are disposed of in terms of the terms of the settlement,” SEBI adjudicating officer Amit said. Kapoor said.
The order comes after the Securities and Exchange Board of India (SEBI) initiated adjudication proceedings against ICICI Securities for alleged violations of stockbrokers regulations.
Subsequently, the market watchdog issued a show cause notice to the petitioner for the alleged violation on May 17, 2024.
The SCN alleged that the petitioner had failed to monitor its Authorized Person (AP), as the trading terminals of the five users allotted to the AP were being operated from unknown locations, which were not reported to the Exchange.
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Further, SEBI also observed that ICICI Securities allegedly did not have a system in place to monitor the trading practices of its authorized person, as AP was using client login credentials for online trading.
Further, SCN alleged that the petitioner did not ensure that only authorized users operated the trading terminals allotted to them.
Pursuant to receipt of the petition, ICICI Securities filed revised settlement terms, which were approved by SEBI’s High Powered Advisory Committee (HPAC).
Subsequently, ICICI Securities raised Rs. 40.2 lakhs was remitted which was confirmed by the regulator and the case was settled with SEBI.
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