Order in the Enquiry Proceeding in respect of Evermore Share Broking Private Limited

The Securities and Exchange Board of India has issued an order in the Enquiry Proceeding in respect of Evermore Share Broking Private Limited, imposing regulatory censure on the entity. The Noticee is also prohibited from on-boarding new clients for a period of six months from the date of this order.

Due to repeated misuse of client money, misuse of clients’ funds, and non-compliance with cyber security guidelines, regulatory censure has been imposed. Additionally, prohibitions have been placed on the entity from on-boarding new clients for six months from the order date.

The penalties are a result of violations related to enhanced supervision data reporting, stock reconciliation, and risk-based supervision. The order is a consequence of the Securities and Exchange Board of India's investigation into alleged misconduct by Evermore Share Broking Private Limited.

Regulatory censure has been imposed on the Noticee for non-compliance with SEBI Circulars and Regulations, including Clause 1 of SEBI Circular SMD/SED/CIR/93/23321 dated November 18, 1993.