Capital markets regulator Sebi has imposed a penalty of Rs 35 lakh on Monarch Research & Brokerage failing to check fictitious trade in Sky Industries Ltd's stock.
The Securities and Exchange Board of India (Sebi) found that Monarch allowed its clients to execute fictitious trades through it.
A Sebi probe found Monarch acted as both broker and counterparty broker for shares traded between one Vijay Vora and his wife Hina Vora.
Accordingly, it has imposed "a penalty of Rs 35 lakh on Monarch Research & Brokerage...For violation of...Stock Brokers Regulations."
In a separate order, Sebi has penalised Rs 2 Lakh on Steel Exchange India for allegedly failing to redress investors grievances within the prescribed timeline.
According to norms, every listed company is required to resolve the investors' complaints within 30 day from the receipt of the complaint in Sebi's complaints Redress System (SCORES) and submit Action Taken Reports.
However, it was observed that Steel Exchange India failed to redress the investor grievances within the prescribed time, that was within 30 days.
As on January this year, there were 31 investors' complaints pending against the company.
