Nuvama Wealth and Investment Limited (NWIL), a wholly owned material subsidiary of Nuvama Wealth Management Limited, has been levied a penalty of ₹1,00,000 by the National Stock Exchange of India (NSE). The penalty was imposed following a limited purpose inspection conducted by NSE for the period August 1, 2023, to July 31, 2024, which noted observations pertaining to client complaints. NSE has advised NWIL to ensure that such non-compliance does not reoccur in the future. The company stated that the observations are consequent to the inspection conducted in September 2024. Nuvama Wealth Management Limited is in the process of filing a review application with NSE seeking a waiver of the penalty. The company has explicitly stated that there is no impact on the financials, operations, or other activities of Nuvama Wealth Management Limited or its subsidiaries and associates as a result of this letter from NSE.
