Securities Appellate Tribunal Reduces Penalty on IndiaNivesh Shares and Securities Private Limited

The Securities Appellate Tribunal has partially allowed an appeal filed by IndiaNivesh Shares and Securities Private Limited against an order passed by the Member and Core Settlement Guarantee Fund Committee of the National Stock Exchange of India Limited. The penalty imposed on the appellant has been reduced to ₹ 40.39 Lakhs from ₹ 1 Crore. The matter relates to alleged violations including misuse of client funds, use of credit balance clients’ funds for margin obligations, and misuse of client securities.