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IIFL Securities pays over Rs 2 crore to settle case with SEBI

The company was alleged to have violated stock brokers regulation as well as Prohibition of Fraudulent and Unfair Trade Practices regulation.

February 25, 2022 / 07:42 PM IST
 
 
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IIFL Securities on Friday paid settlement amount of over Rs 2 crore to markets regulator SEBI in order to settle a case.

The company was alleged to have violated stock brokers regulation as well as Prohibition of Fraudulent and Unfair Trade Practices regulation.

It was alleged that IIFL Wealth Management Ltd and IIFL Securities Ltd knowingly manipulated the reference price of Alkem Laboratories for a block deal.

SEBI had conducted an examination of block deals to check any manipulation of reference price considered for execution of block deal trades in the scrip of Alkem Laboratories.