Markets watchdog Sebi on Tuesday imposed a fine of Rs 1 lakh on Reliance Capital Ltd for violation of Depositories and Participants Regulations back in 2010. As per the regulations, depository participants are restricted from delegating their function to any other person, without the prior approval of the depository. During an investigation, Sebi found that in the process of investor grievance redressal mechanism, there were certain complaints against Reliance Capital (noticee) as a depository participant. The replies to those complaints were given by Reliance Securities Ltd (RSL) in the capacity of a depository participant. The regulator conducted an inspection of Reliance Securities on August 13-14, 2012 for the duration of April 2010 to March 2012.