Angel One pays Rs 4.28 Cr to settle SEBI oversight charges

Angel One has concluded regulatory proceedings with the Securities and Exchange Board of India (SEBI) by paying Rs 4.28 crore. This payment settles allegations concerning oversight gaps involving two of the company's sub-brokers. The settlement was achieved without Angel One admitting or denying the charges brought forth by the market regulator.

SEBI's investigation centered on whether Angel One adequately supervised its authorized persons and sub-brokers. The regulator contended that the brokerage failed to detect multiple compliance breaches. Concerns included a sub-broker allegedly collecting funds unauthorizedly and suspicious trading activities by associated persons.

Further allegations stated that a sub-broker promoted assured-return schemes on social media, a prohibited practice. SEBI also claimed Angel One did not adequately prevent its brand from being misused. The settlement allows Angel One to resolve the matter efficiently, but SEBI noted it does not imply exoneration or a finding on the merits of the allegations.