ICICI Securities Ltd, a brokerage firm, received an administrative warning from the Securities and Exchange Board of India (SEBI) concerning its Merchant Banking operations. The warning, dated March 22, 2024, follows SEBI's scrutiny of the company's records related to Merchant Banking activities conducted in December 2023. Despite the warning, ICICI Securities assures stakeholders that its financial and operational activities remain unaffected. This cautionary action follows a similar one issued in February 2024, also linked to Merchant Banking operations. Nevertheless, ICICI Securities reported significant increases in profit after tax (PAT) and revenue for the quarter ended December 2023.
Key Points:
- ICICI Securities Ltd receives a warning from SEBI regarding its Merchant Banking activities.
- The warning was issued following SEBI's examination of the company's records in December 2023.
- ICICI Securities clarifies that the warning will not impact its financial or operational activities.
- This warning follows a similar one issued in February 2024, also related to Merchant Banking activities.
- Despite the warnings, ICICI Securities reports a 66% year-on-year increase in profit after tax (PAT) for the quarter ended December 2023.
- The company's revenue also saw a 50% year-on-year surge during the same period.
- Overall, client assets increased by 16% year-on-year for the quarter ended December 2023.
- Following the announcement of the warning, shares of ICICI Securities ended lower on the BSE.
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