Stock market regulator Securities & Exchange Board of India has imposed a penalty of Rs 40 lakh on HSBC InvestDirect Securities for misusing client’s funds and securities.The regulator, during its inspection, had found HSBC InvestDirect (formerly known as IL&FS Investmart Securities) guilty on several accounts—failure to segregate its own fund from that of its client’s, not delivering securities as well as payments to its investors and for misuse of its clients funds and securities.
NOTIFICATION NO. 46 /2009-14 “2.1 Transitional arrangements allowed under Para 1.5 of the Foreign Trade Policy, 2009-2014, shall, in public interest, not be applicable to the restrictions imposed as above vide this notification.”
S.O. 1217(E). In exercise of power by sub section (2) of section 1 of the Payment of Gratuity (Amendments) Act, 2010(15 of 2010), the central Government hereby appoints the 24thday of May, 2010 the on which said act will come into force.
