Sebi fines Fairwealth Securities for misusing client funds, shares

The Securities and Exchange Board of India today levied a penalty of 3 mln rupees on brokerage firm Fairwealth Securities for violating stock broker regulations and regulator y directives pertaining to use of client funds and securities. The market regulator found that the broker had misused client funds of about 183 mln rupees and during 2017 and 2018, and fraudulently pledged client securities worth nearly 600 mln rupees.