IIFL Securities shares tank over 18% after Sebi bars broker from taking new clients for 2 years

IIFL Securities’ shares fell 19% to INR58 ($0.80) after the Securities and Exchange Board of India banned the brokerage firm from taking on new clients for two years, alleging that it violated regulations regarding segregation of client funds, among other things. The regulator also accused IIFL of not implementing its rules adequately over the previous 25 years and misusing credit clients’ funds. Despite inspections and conversations about previous violations, IIFL didn’t make any attempt to rectify its errors, SEBI said in a statement.

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