MAS Reprimands IIFL Securities Pte Ltd for Contravention of Section 107(1) of the Securities and Futures Act [“SFA”]

1     On 4 May 2012, MAS reprimanded IIFL Securities Pte Ltd [“IIFL”] for contravention of section 107(1) of the SFA.

2     Section 107(1) of the SFA read with regulation 27(8) of the Securities and Futures (Financial and Margins Requirements for Holders of Capital Markets Services Licences) Regulations [the “SF(FMR) Regulations”] require that audited accounts and Forms 1, 2, 6, 7 and 8 of the SF(FMR) Regulations [collectively, the “Annual Returns”] shall be lodged with MAS within five months after the end of the financial year.

3     IIFL has contravened section 107(1) of the SFA read with regulation 27(8) of the SF(FMR) Regulations  as it had failed to submit its Annual Returns within five months from the end of its financial year ended 31 March 2011.

All financial institutions should submit the required returns in a timely manner.  This is necessary for the proper supervision of financial institutions by the Authority.
Last Modified on 26/11/2016