Angel One, a well-known stock broker, has been fined Rs 6 lakh by the Securities and Exchange Board of India (SEBI) for not ensuring compliance among its authorised person (AP).

It was found that the AP was sharing office space with an unregistered advisory, which is against the law. Additionally, it was discovered that dealers employed by the AP were also working for the unregistered advisory.

The SEBI's order, issued on November 28, emphasized the broker's failure to properly segregate and demarcate within the office of the AP. This incident highlights the regulatory body's dedication to enforcing compliance and due diligence in the financial advisory sector, and holding registered brokers responsible for the actions of their APs.