Sebi cancels registration of stock broker for mis-managing clients' funds, securities

Sebi cancels registration of stock broker for mis-managing clients' funds, securities

Capital markets regulator Sebi on Friday cancelled the registration of stock broker Ficus Securities for mis-managing clients' funds and securities. The stock broker flouted regulatory norms during the period April 2015 to January 2018, the Securities and Exchange Board of India (Sebi) said in an order. On multiple occasions, Ficus used its clients' securities for settlement of its own pay-in obligations and has also transferred clients' securities to other entities or has pledged those securities to avail funds for itself, …