Reliance Securities agrees to Sebi consent

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Reliance Securities Ltd. (RSL), part of the Anil Dhirubhai Ambani Group, on Thursday said it has agreed to a consent order issued by the Securities and Exchange Board of India (Sebi) and that it would not have any impact on existing customers of the broking firm.

“RSL has agreed to Sebi consent on payment of 25 lakh towards fees and expenses. The consent was arrived at voluntarily without admission or denial of guilt,” said a spokesperson for the firm, which is a subsidiary of the group’s financial services flagship Reliance Capital.

Existing customers would not be impacted in any way because of the order, the spokersperson said, adding that the company had taken this step to “to avoid long drawn litigation, legal costs.” “Existing customers will continue to trade on company’s state-of-the-art trading platforms,” said the official.

The company also said that it has voluntarily agreed not to register new clients for 45 days and spend 1 crores on investor education and awareness programs throughout the country. “We have already announced extensive investor awareness programmes to cover over 1.5 lakh investors across 200 cities in India within this year,” said the RSL spokesperson.