Sebi Issues Fines against Brokers for Non-Adherence to Complaints Procedures -$31,000
Saturday,20/09/2014|09:43GMTby
Adil Siddiqui
The main securities regulator in Asia's 2nd most populous nation, India, was getting heavy handed with firms failing to comply with its complaints procedure, the watchdog issued a number of fines against 7 firms.
Participants in India's vast financial markets sphere were reminded about adherence to compliance procedures, the regulator showing its disarray of non-compliance by issuing monetary fines. The Securities Exchange Board of India (Sebi) has fined seven financial services firm a total of $31,000 for falling short in their compliance practises. The move highlights the regulator's commitment to safeguarding investors and maintaining India’s financial landscape as a well-regulated market.
The country’s market regulator, Sebi, imposed the fines on seven firms for failing to register with its online complaint system within the time limit and for not resolving complaints, it stated in a notification.
The firms in question had not obtained the registration with the authority’s online investor redressal system, SCORES, within the stipulated time. Sebi addresses various types of complaints from investors, taking up complaints related to issue and transfer of securities and non-payment of dividends with listed companies. In addition, Sebi also takes up complaints against the various intermediaries registered with it as well as related issues.
Sebi issued separate orders against Bowreah Cotton Mills Company, G R Magnets, Asia Pacific Financial Services, 5 S Ltd, Micro Accessories India, Bharatpur Nutritional Products and Sarla Credit Securities.
The SCORES initiative was launched in 2011, and financial services participants and listed companies had to register themselves by September 2012, failure to register would result in enforcement action.
SCORES provides a centralised database of all complaints, online movement of complaints to the concerned listed companies and online upload of Action Taken Reports (ATRs) by the concerned companies. Users can track the status of their complaints, furthermore, the system creates a new layer of transparency as details of pending complaints are published on the site.
In the Order, Sebi stated that the firms, except for Sarla Credit and Securities, had also been penalised for not resolving investor grievances pending against them, despite having been reminded by the watchdog.
India's electronification of its financial trading landscape has been a key driver behind the growth of the industry. Its revolutionary commodities trading exchange, MCX, in 2003, was the stepping stone for future developments in the country.
Sebi’s CEO, UK Sinha, recently spoke about commission Payments to agents in the sales cycle of mutual funds, informing conference attendees that the process needed refinement and any payments needed to have a logical step.
Indian financial markets have been plagued by a recent scandal affecting its spot exchange, the pandemic has spread across other entities as authorities look at the root cause of the issue.
Participants in India's vast financial markets sphere were reminded about adherence to compliance procedures, the regulator showing its disarray of non-compliance by issuing monetary fines. The Securities Exchange Board of India (Sebi) has fined seven financial services firm a total of $31,000 for falling short in their compliance practises. The move highlights the regulator's commitment to safeguarding investors and maintaining India’s financial landscape as a well-regulated market.
The country’s market regulator, Sebi, imposed the fines on seven firms for failing to register with its online complaint system within the time limit and for not resolving complaints, it stated in a notification.
The firms in question had not obtained the registration with the authority’s online investor redressal system, SCORES, within the stipulated time. Sebi addresses various types of complaints from investors, taking up complaints related to issue and transfer of securities and non-payment of dividends with listed companies. In addition, Sebi also takes up complaints against the various intermediaries registered with it as well as related issues.
Sebi issued separate orders against Bowreah Cotton Mills Company, G R Magnets, Asia Pacific Financial Services, 5 S Ltd, Micro Accessories India, Bharatpur Nutritional Products and Sarla Credit Securities.
The SCORES initiative was launched in 2011, and financial services participants and listed companies had to register themselves by September 2012, failure to register would result in enforcement action.
SCORES provides a centralised database of all complaints, online movement of complaints to the concerned listed companies and online upload of Action Taken Reports (ATRs) by the concerned companies. Users can track the status of their complaints, furthermore, the system creates a new layer of transparency as details of pending complaints are published on the site.
In the Order, Sebi stated that the firms, except for Sarla Credit and Securities, had also been penalised for not resolving investor grievances pending against them, despite having been reminded by the watchdog.
India's electronification of its financial trading landscape has been a key driver behind the growth of the industry. Its revolutionary commodities trading exchange, MCX, in 2003, was the stepping stone for future developments in the country.
Sebi’s CEO, UK Sinha, recently spoke about commission Payments to agents in the sales cycle of mutual funds, informing conference attendees that the process needed refinement and any payments needed to have a logical step.
Indian financial markets have been plagued by a recent scandal affecting its spot exchange, the pandemic has spread across other entities as authorities look at the root cause of the issue.
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We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
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Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
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#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
