On 3rd June 2024, The Securities Exchange Board of India (SEBI) launched “Saa₹thi” (SAARTHI) 2.0” mobile application on personal finance for investors. The app introduced a user-friendly interface with comprehensive tools which aims to simplify complex financial concepts.
About Saarthi 2.0:
i.The app includes financial calculators, and has modules that explain Know Your Customer (KYC) procedures, mutual funds, Exchange Traded Funds (ETFs).
ii.By using this app, investors can buy and sell shares on stock exchanges.
iii.It has investor grievances redressal mechanism and Online Dispute Resolution (ODR) platform.
iv.It also features various videos which are designed specifically to help the investors in their personal financing.
Note: The “Saa₹thi” (SAARTHI) app is available on both Google Play Store and the iOS App Store.
SEBI Imposed Penalty on Samco Securities Limited for Lapses in Customer Onboarding Process
SEBI has imposed a penalty of Rs 2.5 lakh on Samco Securities Limited, a SEBI-registered Stock Broker, for alleged discrepancies found in customer on-boarding process and not submitting data to the SEBI’s inspection team.
- This for the 3rd time in 3 years that Samco is being found in violation of regulations.
Note: Samco was penalised for the first time in May 2022 (Rs 2 lakhs); and for the second time in August 2023 (Rs 7 Lakhs).
Background:
SEBI has conducted an inspection of documents & records of Samco to ascertain possible violation of provisions of SEBI Act 1992 and SEBI (Stock Brokers) Regulations, 1992.
The period under investigation was between April 1, 2022, and May 31, 2023.
Details of the penalty:
| Penalty provisions | Penalty (Rs) |
|---|---|
| Section 15HB of the SEBI Act | Rs 1.5 lakhs |
| Section 15A(a) of the SEBI Act | Rs 1 lakhs |
| Total | Rs 2.5 lakhs |
Online Bond Platform formed OBPP Association of India
Around 24 online bond platforms formed an association named, the Online Bond Platform Providers (OBPP) Association of India, to represent the industry, promote retail participation in the domestic debt markets and interact with regulators.
Note: OBPP is a SEBI-registered platform which facilitates the buying and selling of bonds. It acts as an intermediary to provide bond investment choices to investors which enable seamless transactions.
Composition of OBPP Association:
The executive committee of the OBPP Association of India was formalized at a meeting on 28th May 2024 at the NSE’s office in Mumbai, Maharashtra.
i.Aditi Mittal, Co-founder and Director, IndiaBonds, was appointed as the Chairman of the OBPP Association.
ii.Vivek Darak, Bondbazaar was appointed as Vice-Chairperson of the OBPP Association.
iii.Other members are representatives from various bond platforms like the Fixed Income, Wint Wealth, and Grip Invest, among others.
Background:
i.In November 2022, SEBI introduced a regulatory framework for OBPP and amended NCS (Issue and Listing of Non-Convertible Securities Regulations), 2021.
ii.In November 2023, SEBI restricted OBPP from offering products other than listed debt securities on their platforms.
- It allowed them to offer securities such as Government Securities (G-secs), Treasury Bills, Listed Sovereign Gold Bonds etc.
About Securities and Exchange Board of India (SEBI):
Chairman- Madhabi Puri Buch
Headquarter- Mumbai, Maharashtra
Established– 1992
