IIFL Capital Services fined ₹2.14 Lakhs by RBI for FEMA violations

IIFL Capital Services Ltd has received a compounding order from the Reserve Bank of India (RBI) for contraventions under the Foreign Exchange Management Act, 1999 (FEMA). The company had applied for compounding of certain violations, including repatriating disinvestment proceeds through a non-designated Authorized Dealer Bank and delayed submission of Annual Performance Reports for overseas direct investment. The RBI has imposed a compounding amount of ₹2,14,858. The company stated that, apart from this compounding amount, there is no material impact on its financial, operational, or other activities.