Markets regulator Sebi on Monday slapped a total fine of over Rs 1 crore on Aditya Birla Money Ltd for violation of several market norms, including stock broker regulations. Proceedings were initiated against Aditya Birla Money based on a joint inspection conducted by Sebi, BSE, NSE and the depositories in March 2019 and also a special purpose inspection conducted by Sebi in March 2018.

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Based on the findings of the inspection, Sebi initiated adjudication proceedings. "A registered stock broker should maintain high standards of integrity, exercise due skill and care, comply with statutory requirements and should not make investment advice to client in ordinary circumstances, which was not followed by noticee," Sebi said.

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Noticee refers to Aditya Birla Money Ltd (ABML).