Mumbai: Angel One has settled a case of securities law violation with market regulator Sebi by paying ₹4.28 crore as settlement amount to resolve allegations of supervisory lapses involving two of its authorised persons.
The regulator has alleged that the broker failed to adequately monitor the activities of authorised persons Deepankar Barman and Nadella Srinivas Rao.
The regulator alleged that Angel One failed to identify unauthorised fund collection activities, disproportionate trading patterns and improper social media promotions by its authorised persons. It also alleged that the broker failed to conduct adequate due diligence during inspections, did not take timely action against suspicious activities and failed to identify that the authorised persons were trading through other stock brokers.