SEBI slaps Rs3 lakh penalty on Religare Securities

Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has slapped a Rs3 lakh penalty on Religare over the financial service provider's failure to conduct due diligence while processing some of its clients' accounts, reports PTI.

SEBI imposed the penalty after discrepancies were discovered during random checking of Religare Securities Limited's documents, as per an order issued by the watchdog.
 
The regulator has imposed a Rs1 lakh fine on Religare for violating certain provisions of the SEBI Act and another Rs2 lakh for not following some provisions of the Depositories Act, the order said.
 
In its order, SEBI said Religare has failed to ensure satisfactory internal control procedures and an adequate mechanism for reviewing and monitoring control systems at its branches, among other things.
 
Religare has not exercised enough due diligence on operations like processing and handling account opening forms and demat requests, SEBI added.
 
“These failures on the part of the noticee (Religare) compromises the safety and integrity of the securities market.
 
I am of the opinion that every market intermediary is under obligation to exhibit highest standards of professionalism and integrity in the interest of capital markets,” SEBI adjudicating officer Satya Ranjan Prasad said in the order.

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Mumbai Angels invest $400,000 in Mobiquest

Mumbai Angels, an angel investment network, has invested about $400,000 in Mobiquest, a Noida-based mobile enterprise platform company.

Mobiquest provides mobile application services to its customer. Mumbai Angels has invested about $400,000 through preferential allotment.

Mobiquest will use the funds for its business development, expansion of team and product enhancement.

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Agni Property raises $12 million from two venture capital firms

Agni Property Group has raised $12 million from Silicon Valley-based venture capital firm Foundation Capital and India-based Helion Venture Partners. Both firms are investing $6 million each for a minority stake in the company.

Headquartered in Delhi, Agni Property Group partners with property developers in various cities for selling mainly new properties and charges a commission on the asset value of the property. Agni Group expects revenues of $25 million by 2011.
 
The company has already partnered with more than 170 developers across 19 locations in India.

The company also plans to enter broker housing finance for buyers through Agni Finance. This unit will work with housing finance majors to help buyers get loans.

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