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HSBC InvestDirect settles proceedings with Sebi

This was also approved by Sebi’s panel of whole-time members, after which the brokerage firm remitted the amount.

By: ENS Economic Bureau | Mumbai | Published: January 18, 2018 2:00:11 am
Jayant Rikhye, Jayant Rikhye HSBC, HSBC India new CEO, HSBC, Hongkong and Shanghai Banking, banking news, Indian express Pending adjudication proceedings, HSBC InvestDirect offered to settle the case on payment of over Rs 3.30 crore as settlement charges.

The Securities and Exchange Board of India on Wednesday said that HSBC InvestDirect Securities (India) Ltd, earlier known as IL&FS Investmart Securities, has settled proceedings with markets regulator in connection with the alleged violation of stock broker norms. HSBC InvestDirect, Sebi said has paid over Rs 3.30 crore towards settlement charges.

According to Sebi, it agreed to settle the proposed adjudication proceedings in the case after HSBC InvestDirect Securities approached the regulator with a plea under the settlement regulations “without admitting or denying the findings of fact and conclusion of law”.

“The proceedings under Sebi (Intermediaries) Regulations, 2008 for the defaults…are settled…and Sebi shall not initiate any enforcement action against the applicant (HSBC InvestDirect) for the said defaults,” said the Sebi settlement order. Sebi had initiated the proceedings against under the Prohibition of Fraudulent and Unfair Trade Practices related to securities market in the matter of Adani Exports Ltd. Pending adjudication proceedings, HSBC InvestDirect offered to settle the case on payment of over Rs 3.30 crore as settlement charges. Subsequently, the high powered advisory committee of Sebi suggested the case for settlement. This was also approved by Sebi’s panel of whole-time members, after which the brokerage firm remitted the amount.

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