Pursuant to Regulation 30 of SEBI (LODR) Regulation 2015, We hereby submit copy of Order passed by Securities Appellate Tribunal against Indianivesh Shares and Securities Private Limited, ....
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The Securities Appellate Tribunal (SAT), Mumbai has partially allowed an appeal filed by IndiaNivesh Shares and Securities Pvt Ltd, a wholly owned subsidiary of IndiaNivesh Limited, against an NSE disciplinary order from February 2022. The original NSE order had directed a 6-month suspension of trading membership and a penalty of ₹1 Crore for alleged misuse of client funds and client securities. SAT has reduced the penalty to ₹40.39 Lakhs and set aside the trading membership suspension. The remaining ₹40.39 Lakhs penalty (1% of ₹40.39 Crores) is specifically for the sale of client securities by the subsidiary's clearing agent (Edelweiss Custodial Services). The two other allegations around misuse of client funds for margin and settlement obligations were overturned, as SAT held that NSE wrongly applied a May 2020 circular to March 2020 transactions. The company has stated there is no other material impact on IndiaNivesh Limited's operations.
Positive outcome for shareholders - the original ₹1 Crore penalty has been reduced by around 60% to ₹40.39 Lakhs, and the 6-month trading membership suspension on the brokerage subsidiary has been set aside, allowing it to continue normal operations without disruption.