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Brief
On 29/10/2024, the Securities and Exchange Board of India issued an update regarding Enquiry Order in the matter of Berkeley Securities Limited. The Noticee's certificate of registration was cancelled by SEBI due to various regulatory violations.
The Noticee failed to comply with regulations such as segregating client funds, maintaining minimum net worth, conducting cybersecurity audits, and accurately reporting client transactions. The Noticee also engaged in a business other than securities, provided loans to related parties, and failed to maintain appropriate nomenclature for bank accounts.
SEBI imposed a penalty of ₹9 lakhs on the Noticee. However, due to mitigating factors such as the noticee's plan to surrender its certificate of registration with the exchanges, the penalties were not increased.
The Enquiry Order is final and binding on the Noticee. The order comes into force immediately, and a copy shall be served upon the Noticee and all recognized stock exchanges for necessary compliance.
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