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IIFL Securities plans to move the Securities Appellate Tribunal against SEBI’s order banning the broking firm from enrolling new customers for two years.
The order does not affect the company’s current business with the existing clients, said IIFL Securities.
The said order pertains to inspections carried out for different periods from April 2011 to January 2017 before SEBI issued the Enhanced Supervision Circular dated September 26, 2016. The Enhanced Supervision circular was made effective from July 1, 2017.
The SEBI’s order applies to the circular retrospectively even while confirming that after it became effective, there has been no non-compliance with the same, said IIFL Securities.
The said order records, “I find no instance of misuse of clients funds by the Noticee placed before me which has occurred subsequent to implementation of Enhanced Supervision Circular dated September 26, 2016”.
The company is in the process of preferring an appeal against the said order before the Securities Appellate Tribunal, said the broking firm.
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