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Feb.17, 2010, 0:39 IST

The National Stock Exchange (NSE) has tightened its penalty structure for erring market participants to curb money laundering in stock markets.

NSE notified in a circular that it would impose a fine of Rs 1 lakh on stock brokers for non-compliance of Prevention of Money Laundering Act (PMLA) 2002. A spokesperson for BSE said the exchange would follow suit.

According to sources, there has been increased instances where NSE members did not follow the procedures set by the Financial Intelligence Unit (FIU) India, the government agency responsible for monitoring possible money laundering transactions. The agency is also complaining that stock brokers are not submitting enough suspicious transaction reports.

The PMLA 2002 requires all financial institutions, banks and intermediaries like stock brokers, merchant bankers, foreign institutional investors, mutual funds and others to submit reports on suspicious transactions above Rs 10 lakh in Indian or foreign currency.

As per FIU annual report for 2008, while the agency received 22 lakh cash transaction reports from banks, other financial intermediaries submitted only 2,500 suspicious transaction reports. Suspicious cash transaction reports have to be submitted directly to the director of the FIU within seven working days after they are noticed. The reports are to be filed in cases of suspicious identity and background of clients, multiple accounts, nature and value of transactions and any other dubious activity by clients. Sources say multiple accounts are the main reason for the increase in suspicious transactions as far as brokerages are concerned.

Apart from market regulator Sebi (Securities and Exchange Board of India), the FIU has raised this concern before Forward Market Commission, the commodity market regulator, on several occasions. Sources also informed that instances of money laundering in commodity markets were higher than in equity market. Sebi has been probing several brokers and depository participants for violation of know-your-customer rules.

The NSE also revised its penalty on some of the other commonly observed violations. It includes contraventions with regard to contract notes, margin trading, trading system and office management, books of accounts and margin reporting requirement. The fine amounts, which range from Rs 25,000 to Rs 1 lakh, are indicative and could undergo change in specific cases, depending on frequency and gravity of the violations.

Further, if a violation, observed during any of the last three financial years, is again noticed, the penalty amount can be escalated by 50 per cent or as may be decided by relevant authority. Action in respect of uncommon or abnormal violations would be dealt on a case to case basis, depending on the seriousness and the gravity of such violations, the exchange said.