SEBI fines Prrsaar Sampada over dealer-terminal failure
Stock brokers must disable stale dealer terminal IDs after status changes
Change
India's SEBI imposed a â¹2 lakh penalty on Prrsaar Sampada for failing to restrict unauthorised use of a deceased dealer's terminal ID.
Why it matters
SEBI treated stale dealer-terminal access as a broker supervision failure. Brokers that do not disable dealer IDs after death, exit or status change risk unauthorised trading exposure and enforcement findings.
Implications
- — Stock-broker compliance teams must disable dealer terminal IDs after death, exit or status change — stale IDs can create unauthorised access exposure.
- — Broker supervision teams must notify stock exchanges of dealer-status changes when required — missed notifications can support enforcement findings.
- — Prrsaar Sampada must pay the ₹2 lakh penalty within 45 days of receipt — non-payment can trigger SEBI recovery proceedings.
Who is affected
- — Stock-broker compliance teams
- — Broker supervision and terminal-control teams
- — Authorised-person oversight teams
What to watch
- — 45 days from receipt of order — deadline for Prrsaar Sampada to pay the ₹2 lakh penalty