Maverick Share Brokers has settled a case related to alleged violation of stock broking norms by paying Rs 23.80 lakh to Sebi.
The regulator had initiated adjudication proceedings against the brokerage firm for allegedly violating Sebi (Stock Brokers and Sub-Brokers) regulations, with regard to irregular trading by one of its clients in the scrip of Indian Overseas Bank (IOB).
The irregular trading by the client had allegedly taken place on October 31, 2013 and November 28, 2013.
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According to a Sebi order, Maverick Share Brokers had filed an application to settle the adjudication proceedings.
The settlement terms proposed by the stock broker were considered by Sebi's High Powered Advisory Committee (HPAC), which recommended the matter for settlement on payment of Rs 23.80 lakh. This was approved by the panel of whole time members of the regulator.
Earlier this month, the stock broker paid the settlement amount of Rs 23.80 lakh and then the Securities and Exchange Board of India (Sebi) disposed of the adjudication proceedings.
If any representation made by Maverick Share Brokers in the settlement proceedings is subsequently found to be untrue, then enforcement actions could be initiated against it.
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