Sebi restrains Vrise Securities from registering new clients for 6 months

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Sebi restrains Vrise Securities from registering new clients for 6 months
New Delhi, Jan 9 () Markets regulator Sebi has prohibited stock broker Vrise Securities Pvt Ltd from registering any new client for six months for violating broker norms as well as the regulator's circular.

The firm was formerly known as Vishesh Capital Pvt Ltd.

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In an order passed on Wednesday, Sebi noted "the noticee (Vrise Securities Pvt Ltd) failed to maintain fairness in the conduct of its business, exercise due skill and care and comply with the statutory requirements."

The direction comes after Sebi noted that the broker had allowed use of its pro-account trading terminal from a location other than its office which de facto operated as its branch office and failed to report the same to the exchanges as mandated under various NSE circulars.

Besides, the firm failed to exercise control over its branch operations and allow inspection of the same by the National Stock Exchange (NSE).

By doing so, the firm violated the regulator's circulars as well as Brokers Regulations.

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"It is quite clear that the Noticee had failed to extend cooperation to the NSE officials during the course of inspection and had not allowed inspection of its branch operation. Further, it is also established that the Noticee had also failed to exercise control over its branch operations," Sebi said.

Accordingly, the firm has been restrained from registering new clients for 6 months. SRS HRS
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