ICICI Securities settled a case with SEBI of an alleged violation of stockbroker norms by paying over Rs 28 lakh towards settlement charges.
ICICI Securities share price jumped 6 percent on BSE on November 29 after the company settled a case with the market regulator Securities and Exchange Board of India (SEBI).
ICICI Securities paid Rs 28 lakh as a settlement charge in a case of an alleged violation of stockbroker norms.
"The enforcement proceedings for the alleged default...are settled qua the applicant," the SEBI said.
The matter pertains to an investigation carried out by SEBI after news reports alleged dematerialisation and selling of shares of dormant accounts using forged documents by certain entities.
The probe found that physical share certificates of certain scrips were fraudulently acquired in the names of 26 non-existing bogus entities and then dematted in fraudulently opened demat accounts having different addresses, but similar-looking photographs at different points of time.
Shares of ICICI Securities were trading 4.82 percent up at Rs 345.90 on BSE at 1340 hours.Read more: ICICI Securities settles with Sebi case of an alleged violation of stockbroker normsLIVE NOW... Video series on How to Double Your Monthly Income... where Rahul Shah, Ex-Swiss Investment Banker and one of India's leading experts on wealth building, reveals his secret strategies for the first time ever. Register here to watch it for FREE.