Markets regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs 1.02 crore on Aditya Birla Money for the violation of provisions of Portfolio Managers (PM) regulations, Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) regulations, code of conduct under SEBI (Stock-Broker) Regulations,1992 and SEBI circulars.
The market regulator issued the Adjudication Order (AO) found that violations by Birla Money were repetitive in nature.
Aditya Birla Money is currently engaged in the business of securities broking and is registered as a stock broker with SEBI. It offers equity and derivatives trading through NSE and BSE and holds PMS license from SEBI and offers portfolio management services.
