The Securities Appellate Tribunal on Thursday overturned a Securities and Exchange Board of India (Sebi) order restricting IIFL Securities from acquiring new clients. The tribunal also lowered the penalty from Sebi’s initial fine of ₹1 crore to ₹20 lakh.
"The direction of the whole-time member restraining the appellant (IIFL Securities) from taking new clients for a period of two years is set aside," said a SAT bench led by Justice Tarun Agarwala in a 35-page order.
"The penalty imposed by the adjudicating officer is reduced to ₹20 lakh. Any amount deposited in excess, in terms of our order, shall be refunded to the appellant within four weeks from today."
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