Securities and Exchange Board of India (SEBI) has imposed a fine of Rs 10 lakh on Aditya Birla Money for violating norms of stock brokers.
The markets regulator conducted an inspection of books and records of the broker from April 2010 to August 2011 to ascertain whether it had carried unregistered PMS activities, before obtaining registration as PMS in July 2010, through its ‘Option Maxima Strategy’.
Aditya Birla Money is engaged in the business of broking and related activities. The company’s business is to provide brokerage services and portfolio management services (PMS) to its clients in the capital markets within India.
