IIFL Securities is planning to move to the Securities Appellate Tribunal (SAT) against market regulator SEBI's order that banned the broking house from onboarding new clients for two years. As per the company, the order does not affect the company's existing business with the existing clients.
The statement comes after the capital markets regulator SEBI barred IIFL Securities from onboarding new clients for two years for alleged mis-utilisation of client funds.
IIFL Securities operates as an investment management company. The company offers insurance, loans, mutual funds, property solutions, and wealth management services.