Just a day after the news of Sharekhan being taken over by Geojit came out, here is another alarming news.
Sebi slams Rs 14 crore fine on Sharekhan, others over front-running activities
http://economictimes.indiatimes.com...ofinterest&utm_medium=text&utm_campaign=cppst
Alarming, yes, because a) I have an account with Sharekhan and am paying them 6000 per year for using TradeTiger, b) Sharekhan is a big respectable name, c) Obviously, somewhere it will hurt the small users.
I am surprised that SEBI sees no criminal activity here. Shouldn't such cases be taken to the police directly ??
Please use this thread to post your thoughts on this and report other broking frauds.
Here's the full news
Sebi slams Rs 14 crore fine on Sharekhan, others over front-running activities
http://economictimes.indiatimes.com...ofinterest&utm_medium=text&utm_campaign=cppst
Alarming, yes, because a) I have an account with Sharekhan and am paying them 6000 per year for using TradeTiger, b) Sharekhan is a big respectable name, c) Obviously, somewhere it will hurt the small users.
I am surprised that SEBI sees no criminal activity here. Shouldn't such cases be taken to the police directly ??
Please use this thread to post your thoughts on this and report other broking frauds.
Here's the full news
Sebi slams Rs 14 crore fine on Sharekhan, others over front-running activities
By ET Bureau | 31 Jul, 2015, 09.10PM ISTPost a Comment
MUMBAI: The Securities and Exchange Board of India has fined broking firm Sharekhan and some individuals for allegedly doing front-running activities. The regulator has impounded the unlawful gains made by Sharekhan and 15 entities. The total imposed is Rs 14.7 crore.
The regulator said its investigation for the period March 1,2009 to March 31,2011 revealed that some clients of Sharekhan were front-running the orders of the Sterling group and the subsequent orders placed by the front-runners matched almost completely with the orders placed by the Sterling Group.
"The front-runners carried out their front-running activity predominantly through the stock broker, Sharekhan and their accounts at Sharekhan were handled by Madhu Chanda, the branch/ relationship manager," Sebi said.
Sebi's investigations also revealed that the trades of Sharekhan, Mr Anandilal Chanda (who is the husband of Madhu Chanda and had allegedly indulged in front-running through his account,his HUF's account and that of the proprietary account of Sharekhan) and his HUF were ahead of trades of the clients of Sharekhan i.e the front-runners.
http://economictimes.indiatimes.com...activities/articleshow/48299712.cms?prtpage=1
By ET Bureau | 31 Jul, 2015, 09.10PM ISTPost a Comment
MUMBAI: The Securities and Exchange Board of India has fined broking firm Sharekhan and some individuals for allegedly doing front-running activities. The regulator has impounded the unlawful gains made by Sharekhan and 15 entities. The total imposed is Rs 14.7 crore.
The regulator said its investigation for the period March 1,2009 to March 31,2011 revealed that some clients of Sharekhan were front-running the orders of the Sterling group and the subsequent orders placed by the front-runners matched almost completely with the orders placed by the Sterling Group.
"The front-runners carried out their front-running activity predominantly through the stock broker, Sharekhan and their accounts at Sharekhan were handled by Madhu Chanda, the branch/ relationship manager," Sebi said.
Sebi's investigations also revealed that the trades of Sharekhan, Mr Anandilal Chanda (who is the husband of Madhu Chanda and had allegedly indulged in front-running through his account,his HUF's account and that of the proprietary account of Sharekhan) and his HUF were ahead of trades of the clients of Sharekhan i.e the front-runners.
http://economictimes.indiatimes.com...activities/articleshow/48299712.cms?prtpage=1