Meanwhile, IIFL Securities said in its response that “the order relates to inspections conducted in various periods from April 2011 to January 2017, i.e. prior to the issuance of the Enhanced Oversight Circular dated September 26, 2016 by SEBI.” July 1, 2017”.
“The SEBI Regulation applies said Circular retrospectively while confirming that there has been no non-compliance with the Circular since it came into force. The said order states: “I do not find any case of misuse of client funds through the notice submitted to me, which took place after the implementation of the circular on extended supervision of September 26, 2016,” the BSE filing states.
The company went on to say that SEBI’s order would not affect its current business with existing customers, adding that it currently prefers an appeal to the Securities Appellate Tribunal (SAT).
“In addition, the company has always met all of its obligations to exchanges and customers on time. “The company has always followed a compliance-first approach and has conducted its business in full compliance with the letter and spirit of applicable laws and regulations,” it said.
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