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This is an archive article published on September 16, 2013
Sebi checks brokers for laundering,terror links
Stepping up its fight against money laundering and terror funding through capital markets,Sebi inspected more than 200 stock brokers and sub-brokers during the last fiscal to check any possible non-compliance
Stepping up its fight against money laundering and terror funding through capital markets,Sebi inspected more than 200 stock brokers and sub-brokers during the last fiscal to check any possible non-compliance.
This marks a significant jump from total 81 brokers and sub-brokers on whom such inspections were carried out during the previous fiscal 2011-12.
Without disclosing the names of the entities that were inspected,Sebi has said it carried out 162 stock brokers and 39 sub-brokers during 2012-13,up from 69 brokers and 12 sub-brokers during the previous year.
The focus of the inspections included themes such as compliance of norms regarding Anti-money Laundering,settlement of accounts of clients on timely basis,segregation of clients and proprietary funds/securities,KYC norms,clearing operations,etc, Sebi said in its latest report to the government for 2012-13.
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