Sebi imposes Rs 10 lakh fine on Tradebulls Securities

Market regulator Sebi has slapped a fine of Rs 1000000 on Tradebulls Securities for allegedly failing to comply with stock brokers' rules.A probe conducted by Securities and Exchange Board of India (Sebi) found that Tradebulls Securities continued with old KYC forms till March 2012, which were supposed to be discontinued with effect from September 2011.Further, it was observed that there was a delay in uploading new Know Your Client (KYC)forms with KYC Registration Agency in 172 cases from March-May 2013 and the delay was in the range of 14 to 253 days."In view of such non-compliance, ...noticee (Tradebulls Securities) has failed to adhere to the prescribed code of conduct in respect of high standard of integrity, promptitude, fairness, due skill, care and diligence and thereby did not abide by the rules for stock brokers specified under brokers Regulations," Sebi said."The non-serious and casual approach on the part of the noticee towards timelines set by Sebi for implementation of KYC procedures is unbecoming a conduct of a stock broker ," it added.The watchdog said KYC is a regulatory and legal requirement and establishing the unique identity of the investor has attained utmost importance in strengthening the securities market and its systems.