Sebi slaps Rs 30 lakh fine on Geojit Financial Services

NEW DELHI: Markets watchdog

Sebi

on Tuesday imposed a fine of Rs 30 lakh on

Geojit

Financial Services for various

violations

of

stock broker

norms, including non-settlement of clients’ accounts. The regulator had conducted an inspection of the books of accounts and other records of the Geojit Financial Services, which was earlier known as Geojit

BNP Paribas

Financial Services.


The inspection period was financial years 2013-14 and 2014-15. During the inspection, the regulator found that the broker made a delay of more than 7 months in formulating the antimoney laundering (AML) policy whereas it was required to put in place the policy in a month after Sebi issued a circular in January 2006.