ICICI Securities shares rally 5% post Sebi settlement

Shares of ICICI Securities jumped nearly 5 per cent in early trade on Friday after the company settled charges of alleged violation of stock broker norms, without admission or denial of any wrongdoing, with markets regulator Sebi.

On the BSE, the stock opened at Rs 332.25 and gained 4.77 per cent to hit a high of Rs 345.75. Later, it was trading 3.26 per cent up at Rs 340.75.

The shares were up by similar margins on the NSE in early trade. The stock was trading 3.38 per cent up at Rs 341.05.

In terms of volume, intra-day spurt in trading of ICICI Securities' shares was more than 1.20 times, as per BSE data.

In a case of fraudulent trading by bogus entities through several brokerage houses, ICICI Securities has settled charges of alleged violation of stock broker norms without admission or denial of any wrongdoing with markets regulator Sebi.

ICICI Securities has settled the case by paying over Rs 28 lakh towards settlement charges, the Securities and Exchange Board of India (Sebi) said in a settlement order.