SEBI Imposes ₹ 10.2 Million fine on Aditya Birla Money Ltd.

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The Securities and Exchange Board of India (SEBI) imposes ₹ 10.2 million fine on Aditya Birla Money Limited. SEBI issues Adjudication Order in respect of Aditya Birla Money Ltd.

BEFORE THE ADJUDICATING

OFFICERSECURITIES AND EXCHANGE BOARD OF INDIA

[ADJUDICATION ORDER NO. Order/KS/AE/2021-22/13679]


UNDER SECTION 15 I OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ WITH RULE 5 OF SECURITIES AND EXCHANGE BOARD OF INDIA (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 1995AND UNDER SECTION 23‐I OF SECURITIES CONTRACTS (REGULATION) ACT, 1956 READ WITH RULE 5 OF SECURITIES CONTRACTS (REGULATION) (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 2005

In respect of:

Aditya Birla Money Ltd. (PAN : AAACA7472K)

SEBI Stock Broker Registration No. INZ000172636

Depository Participant Registration No. IN-DP-17-2015


FACTS OF THE CASE

1. Adjudication proceedings were initiated against M/s Aditya Birla Money Ltd. (hereinafter referred to as ‘ABML’/ ‘the Noticee’) based on a joint inspection of the Noticee conducted by Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) along with the Stock Exchanges, namely, Bombay Stock Exchange (hereinafter referred to as‘BSE’) and National Stock Exchange (hereinafter referred to as ‘NSE’), and Depositories, namely, Central Depository Services Limited (hereinafter referred to as ‘CDSL’) and National Securities Depository Limited (hereinafter referred to as ‘NSDL’) in March 2019 and a special purpose inspection conducted by SEBI –Southern Regional Office (SEBI-SRO) in March 2018.

2.Based on the findings of the inspection, the adjudication proceedings were initiated against the Noticee under Section 15HA and 15HB of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act, 1992’), and Section 23D of the Securities Contracts (Regulation) Act, 1956 (hereinafter referred to as ‘SCRA, 1956’)for the alleged violation of the following provisions:

1.Regulation 14(1)(a) of SEBI (Portfolio Managers) Regulations, 1993(hereinafter referred to as ‘PM Regulations’)

2.Clauses A (1), (2), (5) and B (7) of Code of Conduct specified in Schedule II read with Regulation 9 of SEBI (Stock-Broker) Regulations, 1992.

3.SEBI Circular no. SEBI/HO/MIRSD /DOP1/CIR/P /2018/54 dated March 22, 2018

4.Clauses (A)(1) and (A)(2) of Code of Conduct mentioned in Schedule II read withRegulation 9 SEBI (Stock Brokers) Regulations, 1992

5.Regulation 3(a) and Regulations 4(1), 4(2)(l), 4(2)(m), 4(2)(o) and 4(2)(p) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (hereinafter referred to as ‘PFUTP Regulations’).

6.Clauses (A)(3), (A)(5) and B(4)(b) of Code of Conduct mentioned in Schedule II read with Regulation 9 SEBI (Stock Brokers) Regulations, 1992

7.Regulations 3(a) and 4(1) of PFUTP Regulations.

8.Clauses A (1), A (2) and A (5) of code of Conduct of Schedule II read with Regulation 9 of SEBI (Stock Brokers) Regulations, 1992

9.Regulations 4(2)(l) and (o) of PFUTP Regulations.

10.Clauses (B)(4)(a) and (b) of the Code of Conduct of Schedule II read with Regulation 9 of SEBI (Stock Brokers) Regulations, 1992.

11.Clause 12e of SEBI Circular SEBI/MIRSD/SE/Cir-19/2009 dated December 03, 2009.

12.SEBI Circular ref no. CIR/MIRSD/66/2016 dated July 21, 2016.

13.Clause 4 of SEBI circular MRD/DoP/Dep/SE/Cir-22/06 dated December 18, 2006.

14.Point no 1.12 of SEBI Master Circular for Depositories SEBI/HO/MRD/DP/CIR/P/2016 /134 dated December 15, 2016.

15.Clause 2 of SEBI circular SMD/SED/CIR/93/23321 dated November 18, 1993

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