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What happened with IIFL's SEBI order in 2023?

In June 2023, SEBI ordered IIFL to stop accepting new clients for 2 years and imposed ₹2 crore penalty. The reason was a technical violation — IIFL had used generic account names (not client-specific) for certain bank accounts holding client funds. In December 2023, the Securities Appellate Tribunal (SAT) overturned the new-client ban entirely and reduced the penalty to ₹20 lakh, ruling it was purely a technical breach with no misuse of client funds. IIFL continued normal operations and the ban was never implemented.

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1 . Is IIFL a discount broker or full-service broker? 2 . Does IIFL offer free equity delivery trading? 3 . What is the difference between IIFL's three brokerage plans? 4 . What is IIFL's DP charge and how does it compare? 5 . Is IIFL safe for investing? 6 . Is the Super Trader Plan worth ₹999/month? 7 . Does IIFL offer PMS (Portfolio Management Services)? 8 . What trading platforms does IIFL offer? 9 . Does IIFL have NRI accounts? 10 . How does IIFL compare to ICICI Direct for a full-service investor?
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