Brokerage house ICICI Securities Ltd on Wednesday (February 28) said market regulator Securities and Exchange Board of India (SEBI) has issued an administrative warning to the company regarding merchant banking activities.
"This is to inform you that the Securities and Exchange Board of India (‘SEBI’) has issued an administrative warning to ICICI Securities Limited (‘the Company’) vide their letter dated February 28, 2024, which was received on the same day at 12:16 p.m. through e-mail," according to a stock exchange filing.
This administrative warning does not have any immediate impact on the financial or operational activities of ICICI Securities. The company has stated that it will continue to operate in accordance with all applicable laws and regulations.
"The warning has been issued in connection with the inspection of books and records for the Merchant Banking activities of the company. There is no impact on the financial, operation or other activities of the company pursuant to the above-mentioned administrative warning letter," the company added.
ICICI Securities reported a 66% year-on-year jump in profit after tax (PAT) to ₹465.7 crore in the three months ended December 2023. In comparison, the company had posted a PAT of ₹280.9 crore in the October-December quarter of the preceding fiscal year (FY23).
The company registered a revenue of ₹1,323.3 crore in the quarter under review, marking a 50% year-on-year (YoY) surge from ₹879.9 crore in the three months ended December 31, 2022. Overall, the client's assets stood at ₹6.9 lakh crore in the three months ended December 31, 2023, an increase of 16% on a yearly basis.
ICICI Securities, promoted by ICICI Bank, is the country's leading retail-led equity franchise, distributor of financial products and investment bank. Shares of ICICI Securities Ltd ended at ₹817.50, down by ₹4.75, or 0.58% on the BSE.
(Edited by : Ajay Vaishnav)
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