SEBI imposed monetary penalty of Rs 1 cr on IIFL for misusing client funds

SEBI has imposed a penalty of Rs 1 crore on India Infoline Ltd (IIFL) for misutilisation of client securities. The amount has to be paid by IIFL within 45 days.

The penalty came after the SEBI’s inspections of the books of account of IIFL for the period April 2011 to January 2017. It was found that IIFL had misused client funds in the range of Rs 0.59 crores to Rs 397.02 crores for settlement obligation of debit balance clients.