SEBI imposes ₹1 lakh penalty on SMC Global Securities for failing to maintain client order records and supervise an Authorized Person.
The broker failed to provide pre-trade confirmations for clients linked to AP Amit Lilhare, who promised fixed returns.
Inspections revealed 161 clients received fixed payouts totaling ₹1.84 crore, with AP receiving commissions via undisclosed bank accounts.
The order dismisses SMC's double jeopardy defense, confirming separate jurisdiction from parallel NSE proceedings.