Sebi fines IL&FS Securities, Allied Finance, 3 others

These directions come against the backdrop of the entire IL&FS Group, including ISSL, undergoing a resolution process. In January 2021, Sebi held that it has the jurisdiction to determine the monetary and non-monetary liabilities of ISSL in case there are violations and the order was also upheld by the Securities Appellate Tribunal (SAT) while ISSL’s appeal is pending before the Supreme Court.

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