BRICS Securities has been ordered by SEBI to pay a penalty of Rs 10 Lakhs. SEBI has found BRICS Securities guilty of allowing Manoj Seskaria to trade from their account. Manoj Seskaria was banned from capital markets.

Earlier, SEBI fined ASK Financial Securities for the same reason. SEBI officials stated that no company should deal with Manoj Seskaria and if they find any other Brokerage firm in future, more strict action can be taken against them.

The message from the market watchdog SEBI is clear. To keep the markets free from any scams, the authorities have to take strict measures. The Indian Markets are at all time highs and any scams at this point will dampen the market sentiments.