SAT stays Sebi order against IIFL Securities till further notice; stock surges 6%

The Securities Appellate Tribunal (SAT) has granted interim relief to IIFL Securities by staying the Securities and Exchange Board of India’s (Sebi) order debaring the brokerage firm from onboarding new clients for two years. The Sebi order was issued following its inspection of IIFL’s book of accounts, where Sebi found that the brokerage firm violated the rules by not segregating its own funds from customers’ funds and also misled debit procedure. IIFL Securities had appealed to the tribunal against the Sebi order.

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