India's SEBI penalises Prrsaar Sampada over unauthorised terminal use
→Stock brokers must restrict unauthorised terminal use or face SEBI penalties
Change
India's SEBI imposed a ₹2 lakh penalty on Prrsaar Sampada for failing to restrict unauthorised use of a deceased dealer's terminal ID.
Why it matters
SEBI found that the broker failed to inform the stock exchange after learning of the dealer's death. The order requires penalty payment within 45 days, with recovery action available on non-payment.
Implications
- → Stock-broker compliance teams must disable or reassign dealer terminal IDs after personnel changes.
- → Broker supervision teams must notify stock exchanges of dealer-status changes when required.
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Source
View on SEBI