SEBI imposes fine of Rs 30 lakh on Geojit Financial Services
24th Apr 2019

Securities and Exchange Board of India (SEBI) has imposed a fine of Rs 30 lakh on Geojit Financial Services for various violations of stock broker norms. The regulator had conducted an inspection of the books of accounts and other records of the company. The inspection period was financial years 2013-14 and 2014-15.

According to the regulator, the company 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 43.87 lakh to Rs 83.06 lakh. The number of such clients ranged from 38,039 to 52,146.

Geojit Financial Services offers complete spectrum of financial services including online broking for equities, derivatives and currency futures, custody accounts, financial products distribution, portfolio management services, margin funding, etc.