The 52-week high for IIFL Securities is reached as the share rises by more than 5%

After the SAT overturned Sebi’s order barring the company from onboarding new clients for two years, IIFL Securities’ shares increased by more than 5% during Friday’s mid-session trading.

IIFL Securities’ shares reached a 52-week high of Rs 134.40 per share on the BSE and NSE during intraday trading.

The company’s shares increased 5.51 percent to trade at Rs 124.50 on the BSE and 5.05 percent to Rs 123.85 per share on the NSE.

The BSE Sensex increased by 122.66 points, or 0.18 percent, to trade at 69,644.35, while the Nifty gained 6.05 points to trade at 20,907.20 in the equity markets.

A two-year ban on IIFL Securities accepting new clients was revoked by the Securities Appellate Tribunal (SAT) on Thursday. Additionally, the brokerage house’s fine was reduced from Rs 1 crore to Rs 20 lakh. The order had been imposed by market regulator Sebi.

The order was made in response to an appeal filed by IIFL Securities, formerly known as India Infoline Ltd., against a June order issued by the Securities and Exchange Board of India (Sebi).

Since IIFL Securities is suspected of misusing client funds, the capital markets regulator banned the company from accepting new clients in June and prohibited it from doing so for two years.

It also stated that the appellant (IIFL Securities) had not neglected to segregate the client’s funds. Since there is no evidence that these funds were misappropriated for their intended use, there is no way for the Securities Contracts (Regulation) Act (SCRA) to be used against them.