Brokerage firm Angel One has settled adjudication and enquiry proceedings with the Securities and Exchange Board of India (Sebi) by paying a settlement amount of Rs 4.28 crore. The proceedings stemmed from allegations of inadequate monitoring and supervision of two authorised persons, Deepankar Barman and Nadella Srinivas Rao.
Sebi had issued show-cause notices in May 2025, alleging that Angel One failed to adequately identify and act on violations committed by these authorised persons. Specific accusations included the failure to detect unauthorised fund collection activities, insufficient due diligence during inspections, and a lack of appropriate action despite disproportionate trading patterns by the authorised persons. The regulator also pointed to inadequate scrutiny of unauthorised social media activities by one authorised person, which allegedly included promises of assured returns and unauthorised portfolio management.
Angel One filed settlement applications in 2025 without admitting or denying the findings. Following discussions and approvals from Sebi's committees, the company agreed to the settlement charges. The brokerage remitted the settlement amount on May 22, 2026, leading to the disposal of the adjudication and enquiry proceedings under Sebi's Settlement Proceedings Regulations.