Brokerage firm Angel One has settled a case with the , by paying ₹4.28 crore towards settlement charges, closing adjudication and enquiry proceedings over alleged supervisory lapses by its authorised persons (APs), Deepankar Barman and Nadella Srinivas Rao.
The settlement was made without any admission or denial of the findings by the company.
SEBI had alleged that the broker failed to detect unauthorised fund collection by Deepankar Barman, failed to act on disproportionate trading patterns, and did not monitor unauthorised social media activities, including promises of assured returns and misuse of the broker’s brand name.
The regulator also alleged that Angel One failed to identify that the authorised person was trading through other stock brokers.
The regulator alleged that Angel One did not inspect Nadella Srinivas Rao despite disproportionate trading activity and large fund collections.
The broker also failed to examine orders placed through common IP and MAC addresses for multiple clients, and did not identify trading through another broker.
The settlement amount of ₹4.28 crore was recommended by SEBI’s Internal Committee and later approved by the High Powered Advisory Committee and the Panel of Whole Time Members.
Angel One remitted the amount on May 22, 2026, following which the proceedings were disposed of under the SEBI (Settlement Proceedings) Regulations, 2018.