Stockholding Services fined Rs 9 lakh for KYC breach, ET LegalWorld
Markets regulator Sebi has found broker Stockholding Services (formerly SHCIL Services, a subsidiary of Stockholding Corp) had failed to carry out proper due diligence of its clients. As a result, 1,103 of its clients were declared as ‘dependent children’ aged between 34 years and 100 years. Sebi has fined the broker Rs 9 lakh. The […]
RBI penalises Manappuram Finance for non-compliance with KYC norms, ET LegalWorld
The Reserve Bank has imposed a penalty of Rs 20 lakh on Manappuram Finance for non-compliance with certain provisions of Know Your Customer (KYC) norms. The RBI said a statutory inspection of the NBFC (non-banking financial company) was conducted with reference to its financial position as on March 31, 2023 and a notice was issued […]