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ASIC Suspends HLK Group Pty Ltd's AFS License
Abstract：ASIC suspends HLK Group Pty Ltd's AFS license for six months due to inactivity in their financial services business, effective until December 27, 2024.
The Australian Securities and Investments Commission (ASIC) has announced the suspension of HLK Group Pty Ltd's Australian Financial Services (AFS) license. The suspension is set for six months, lasting until December 27, 2024.
The decision comes as HLK Group has ceased operating its financial services business. The AFS license, initially granted to HLK Group on May 31, 2013, under license number 435746, permitted the company to offer financial product advice and deal in various financial products for both retail and wholesale clients. However, HLK Group currently has no active retail or wholesale clients, leading to the suspension.
ASIC's action underscores the regulatory body's commitment to ensuring that AFS license holders actively provide financial services to their clients. Companies that fail to do so risk losing their licenses, as demonstrated in this case.
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The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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STT Hike and Its Impact on Indian F&O Traders
The Indian Finance Minister Nirmala Sitharaman, while announcing the Union Budget 2026-27, proposed a sharp rise in the Securities Transaction Tax (STT) on Futures and Options as part of the government’s strategy to soothe the country’s overheated derivatives market. The move comes on the backdrop of regulators’ concerns over excessive speculation in F&O allowing retail traders to enter the market and lose capital. Whether the government will be able to curb excessive speculation in F&O through this move remains to be seen. The stock indices, however, were hit hard, with the BSE Sensex falling by 1500 points amid widespread selling on the STT hike. Let’s examine the potential impact of this hike on Indian F&O traders.
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