SEBI: The order comes after the regulator and stock exchanges, NSE and BSE conducted a thematic onsite examination of accounts, records and other documents of SEBI-registered stockbroker Reliance Securities Ltd (RSL) authorised persons.

SEBI Fines on Anil Ambani: Anil Ambani's troubles are not taking the name of less. Recently, the Delhi High Court lifted the ban on his company Reliance Power, so now he has been surrounded by new trouble. Now market regulator SEBI has imposed a penalty of nine lakh rupees on Reliance Securities for violating market rules as well as stock brokers' rules. The order comes after a thematic onsite examination of accounts, records and other documents of authorised persons of SEBI-registered stock broker Reliance Securities Limited (RSL) by the regulator and stock exchanges, NSE and BSE.

Show cause note was issued in August

The inspection was conducted to ascertain whether the provisions of stock broker regulations, NSEIL market capital market regulations and NSE futures and options trading norms are being maintained in the manner required by RSL. The inspection was carried out for the period April, 2022 to December, 2023. As per the findings of the inspection, the Securities and Exchange Board of India (SEBI) issued a 'show cause notice' to RSL on August 23, 2024.

SEBI found several violations in the 47-page order SEBI found several violations committed by RSL and its authorised persons in the 47-page order. These include not maintaining adequate mechanisms to record customer order planning, discrepancies in terminal locations and lack of isolation in shared offices with other brokers.

The inspection also found that RSL failed to maintain the required order planning records for offline customers associated with its authorised persons — Jitendra Kambad and Naitik Shah. Sebi has ordered brokers to maintain verifiable evidence of client orders to ensure transparency and prevent unauthorised trades