印度证券交易所委员会（SEBI）于周二（10月13日）因IIFL资本服务公司违反其在线债券平台的监管要求，对其处以20万卢比的罚款。监管机构在一份裁决令中指出，该公司未通过规定的询价（RFQ）平台路由上市债务证券的交易，且在未与第三方卖方签订强制性协议的情况下，向客户提供了由第三方卖方持有的证券。
The Securities and Exchange Board of India has imposed a penalty of ₹2 lakh on IIFL Capital Services on Tuesday, October 13, for violations of regulatory requirements governing its online bond platform, according to a SEBI adjudication order. The regulator found that the company had not routed trades in listed debt securities through the prescribed Request for Quote platform and had offered securities held by third-party sellers without entering into the mandatory agreements with them.SEBI’s inspection covered the period from July 26, 2024, to March 31, 2025.
SEBI的检查覆盖了2024年7月26日至2025年3月31日的期间。在此期间，IIFL资本服务公司通过其在线债券平台执行了价值9.59亿卢比的280笔交易。裁决令称，该公司通过场外交易向客户转移证券，而非通过RFQ平台路由上市债务证券的交易。IIFL资本服务公司向监管机构解释称，这种做法是由于其现有平台的局限性所致，且公司正在开发新平台。
During this period, IIFL Capital Services executed 280 trades worth ₹9.59 crore through its online bond platform, the order said. According to the order, the company transferred securities to clients through off-market transactions instead of routing trades in listed debt securities through the RFQ platform.
SEBI指出，在线债券平台提供者的监管框架和运营通知已于2022年11月发布，而IIFL资本服务公司于2024年7月26日获批作为在线债券平台提供者（OBPP）开展业务。IIFL资本服务公司未与第三方卖方签订协议。监管机构还发现，IIFL资本服务公司未与其在线债券平台上提供证券的第三方卖方签订协议。这些卖方包括Kanjaloachana Finserve私人有限公司、Smest Capital私人有限公司、Tipsons Financial Services私人有限公司、Tipsons Consultancy Services私人有限公司和PhillipCapital私人有限公司。裁决令称，SEBI表示，该公司仅在检查团队指出该漏洞后，才与这些卖方签订了协议。
IIFL Capital Services told the regulator that the practice was due to limitations in its existing platform and that it was developing a new platform.SEBI noted that the regulatory framework and operational circular for online bond platform providers had been issued in November 2022, while IIFL Capital Services received approval to operate as an OBPP on July 26, 2024.IIFL Capital Services did not have agreements with third-party sellersThe regulator also found that IIFL Capital Services had not entered into agreements with third-party sellers whose securities were offered on its online bond platform. The sellers included Kanjalochana Finserve Pvt Ltd, Smest Capital Pvt Ltd, Tipsons Financial Services Pvt Ltd, Tipsons Consultancy Services Pvt Ltd and PhillipCapital Pvt Ltd, according to the order.SEBI said the company executed agreements with the sellers only after the inspection team pointed out the lapse. The regulator observed that the applicable rules required online bond platform providers to enter into written agreements with third-party sellers, defining their respective rights, liabilities and obligations.IIFL Capital Services argued that the agreements were executed after the issue was highlighted during the inspection and cited differences in regulatory interpretation.
监管机构观察到，适用的规则要求在线债券平台提供商与第三方卖方签订书面协议，明确各自的权利、责任和义务。IIFL资本服务公司辩称，这些协议是在检查期间凸显问题之后才签署的，并引用了监管解释上的分歧。它还提交称，开发该平台并将其授权给IIFL资本服务公司的GoldenPi Technologies Pvt Ltd 已经与卖方签订了协议。
It also submitted that GoldenPi Technologies Pvt Ltd, which developed the platform and licensed it to IIFL Capital Services, already had agreements with the sellers. However, SEBI held that these arrangements did not remove IIFL Capital Services’ obligation to enter into separate agreements with the third-party sellers whose securities were being offered on its platform.SEBI directs payment within 45 daysSEBI initiated adjudication proceedings after examining the inspection findings and the company’s replies.
然而，SEBI认为，这些安排并未免除IIFL资本服务公司为其平台上所发行证券的第三方卖方单独签订协议的义务。SEBI指令在45天内付款。SEBI在审查检查结果和公司的回复后启动了裁决程序。2026年4月29日，发出了一份说明原因通知，要求公司解释为何不应对所谓的违规行为处以罚款。裁决官随后根据1992年SEBI法第15HB条处以20万卢比的罚款，称该金额与违规行为相称。该命令指示IIFL资本服务公司在收到命令之日起45天内支付罚款。
A show-cause notice was issued on April 29, 2026, asking the company to explain why a penalty should not be imposed for the alleged violations. The adjudicating officer subsequently imposed a penalty of ₹2 lakh under Section 15HB of the SEBI Act, 1992, stating that the amount was commensurate with the violations. The order directs IIFL Capital Services to pay the penalty within 45 days of receiving the order.