SEBI finds 50 orders missing, 37 unauthorized complaints settled by Goodwill Wealth

This order details SEBI's adjudication proceedings against Goodwill Wealth Management Private Limited (GMWPL) for alleged violations of regulatory provisions regarding order confirmation, complaint redressal, and outsourcing of core functions.

Goodwill Wealth Management Private Limited (GMWPL)

• SEBI alleged GMWPL failed to maintain pre-order confirmation or documentary evidence for 50 orders placed by 15 clients.
• SEBI alleged GMWPL outsourced its core compliance function of grievance redressal to an Authorized Person (AP).
• SEBI alleged GMWPL failed to maintain complete documentary records for complaint redressal, specifically noting a pattern of complaints being withdrawn without available communication records.
• SEBI alleged GMWPL settled 37 complaints related to unauthorized trading by making payments, which SEBI found inconsistent with applicable rules.
• SEBI alleged violations of Clause 35.2, 35.3, 35.4, 35.5, and 86.5.1 of the SEBI Master Circular for Stock Brokers, as well as specific NSE regulations and the Code of Conduct for Stock Brokers.
• GMWPL submitted corrective measures including a centralized POC record system and a dedicated Complaint Redressal & Monitoring Team, but SEBI did not accept these replies for the specific violations alleged.

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