Sebi slaps Rs 30 lakh fine on Geojit Financial Services

live bse live nse live Volume Todays L/H More × Markets watchdog Sebi on April 23 imposed a fine of Rs 3000000 on Geojit Financial Services Limited for various violations of stock broker norms. 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 Limited The inspection period was financial years 2013-14 and 2014-15. In a 50-page order, Sebi said the entity has violated various regulations, including that it had not settled accounts of its inactive clients in seven quarters during the inspection period. "... the total amount not settled during the quarter ranged from approximately Rs 1.500000000 to approximately Rs 2.590000000 and the number of such clients ranged from 1,278 to 1,962," Sebi said. According to the regulator, the entity was also not settling client accounts with balances less than Rs 1,000 in the seven quarters, where the total amount not settled during the quarter ranged from around Rs 43.8700000 to Rs 83.0600000. The number of such clients ranged from 38,039 to 52,146, it added. Among others, it was found that the entity was not settling the pay-in amounts received during the seven-day period before the settlement date. This amount ranged from approximately Rs 1.980000000 to Rs 7.760000000 during the quarter ending June 2013 to quarter ending March 2015. The count of clients ranged from 1,578 to 4,538.