New Delhi: Market Regulator The Securities and Exchange Board of India (SEBI) has imposed a fine of over Rs 1 crore on Aditya Birla Money Limited (Aditya Birla Money Ltd) for not following market rules including stockbroker regulation. SEBI initiated action against Aditya Birla Money in March 2019 on the basis of joint inspections conducted by BSE, NSE and Depository.

A special-purpose inspection was also carried out on the company in March 2018 by the market regulator. Based on the findings of these inspections, the SEBI initiated the proceedings. SEBI said any registered stockbroker should uphold high standards of honesty and follow proper skills and statutory needs. Also, under normal circumstances, the customer should not be given any investment instructions that were not followed by him.

SEBI said Aditya Birla Money Ltd has conducted portfolio management services for consumers without any agreement in violation of stockbroker regulation. She said Aditya Birla Money did not have enough system and internal control to ensure proper skills and care in operating her business and dealing with its customers. The company has been given a 45-day grace period to pay a total fine of Rs 1.02 imposed by the SEBI.

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