SEBI Fines Reliance Securities ₹9 Lakh for Regulatory Violations

The penalty follows inspections by NSE and BSE that uncovered multiple breaches, including improper record-keeping and unauthorized terminal use.

SEBI imposed a ₹9 lakh fine on Reliance Securities Ltd. (RSL) for violations of stockbroker and market regulations.
Inspections conducted by NSE and BSE between April 2022 and December 2023 revealed lapses such as inadequate client order records and unauthorized personnel operating trading terminals.
RSL's authorized persons were found sharing premises and infrastructure with other brokers, violating segregation requirements and enabling unauthorized activities.
Reliance Securities admitted to lapses and claimed to have taken corrective actions, including deactivating unapproved terminals and enhancing internal controls.
SEBI emphasized that remedial measures after inspections do not excuse prior non-compliance, underscoring the importance of maintaining regulatory standards at all times.