November 6, 2024
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SEBI Issues Show Cause Notices to Over 120 Stockbrokers for Algo Trading Violations

The Securities and Exchange Board of India (SEBI) has issued show cause notices to more than 120 stockbrokers due to their involvement with the algo trading platform Tradetron. Among the prominent brokerages facing scrutiny are Motilal Oswal Financial Services Ltd., Zerodha, and 5Paisa Capital, as the regulator investigates potential violations of trading regulations. The notices come as part of a broader inquiry into Tradetron and other algo trading platforms, particularly focusing on the brokers who allegedly continued their association with the platform despite previous undertakings to SEBI to discontinue such connections.

SEBI’s concerns stem from Tradetron’s promotion of algo trading strategies that claimed to offer assured returns, a practice explicitly prohibited by the regulator’s 2022 circular. The investigation revealed that a total of 122 brokers were in violation of these regulations, maintaining their API integration with Tradetron, thereby compromising compliance. The extensive list of stockbrokers receiving notices includes major firms such as Aditya Birla Money, ICICI Securities, and HDFC Securities, among many others.

As the probe progresses, SEBI’s actions highlight its commitment to enforcing trading regulations and safeguarding market integrity. The regulator’s measures aim to ensure that stockbrokers adhere strictly to guidelines and refrain from endorsing platforms that promise guaranteed returns, which can mislead investors and disrupt market stability.

Pic Courtesy: google/ images are subject to copyright

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