SEBI Fines India Infoline Rs 1 Crore For Client Funds Misuse


SEBI has imposed a fine of Rs 1 crore on India Infoline Limited

New Delhi:

Capital markets regulator Securities and Exchange Board of India (SEBI) on Monday imposed a penalty of Rs 1 crore on India Infoline Ltd (IIFL) for alleged misutilisation of client securities.

The amount has to be paid by IIFL within 45 days.

The order came after SEBI conducted multiple inspections of the books of account of IIFL, now known as IIFL Securities Ltd, for the period April 2011 to January 2017.

Based on the findings of the inspection, the market watchdog initiated adjudication proceedings.

“It was found that the noticee had misused funds credit balance clients for settlement obligation of its debit balance clients for 30 days and the total misutilisation was in the range of Rs 26.04 crores to Rs 294.73 crores ranging from 4.01 per cent to 45.97 per cent, SEBI said.

Consequently, the market watchdog slapped a total fine of Rs 1 crore on the firm and also noted that certain violations are repetitive in nature.



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