A penalty of ₹90 lakh has been inflicted on Mumbai-based Anugrah Stock Broking by the Market regulator SEBI for misusing client funds and making false reporting to stock exchanges. Founded by Paresh Kariya, Anugrah Securities is a Mumbai-based brokerage, apart from that, it is also a trading member of NSE.

 

shineprojects-anugrahsebi-blog138

 

Over 70 investors approached the Bombay High Court claiming that Anugrah had indulged in illicit and unauthorized transactions, producing heavy financial losses for them. SEBI has failed to assess the illegal profits made by Anugrah or the losses incurred on the investors. SEBI in its order stated that no quantifiable figures are available to evaluate the superfluous gain or unfair advantage made by Anugrah as a result of the defaults. It concluded that from the material available on record, it may not be possible to determine the precise monetary loss to the investors and clients on account of a default by Anugrah.

SEBI stated that as there were violations of securities market laws, they have imposed a fine on Anugrah, but it has been observed that there are no investor complaints on record appearing out of the failure of Anugrah.

  •   
  •   
  •   
  •