SEBI fined Motilal Oswal Financial Services Rs 5 lakh

The Indian market regulator, SEBI, has fined Motilal Oswal Financial Services (MOFSL) Rs 5 lakh for violating many provisions of the Stockbrokers Regulations.

In an order released on December 31, the Securities and Exchange Board of India's (SEBI) Adjudicating Officer, Amar Navlani stated, “In the instant case, I note that the material available on record does not quantify any disproportionate gain or unfair advantage or the amount of loss caused to an investor or group of investors as a result of the violations committed by the Notice”.

“Further, as regards the repetitive nature of the default, I note from the SEBI website that Adjudication Orders dated April 29, 2022, and February 28, 2020, were passed in respect of Notice imposing a monetary penalty. Further in this regard, I also note from material available on record that in the instant matter, SEBI has inter alia observed a repetitive nature in respect of violation relating to mismatch of email IDs. In this regard, I note that Notice being a SEBI registered intermediary had failed to comply with the extant applicable provisions of the Stock Brokers Regulation and SEBI Circulars, the importance of which cannot be undermined, as brought out and dealt with in the foregoing and which SEBI is duty bound to enforce compliance of. Such non-compliance accordingly needs to be dealt with a suitable penalty.”

About SEBI

The Securities and Exchange Board of India (SEBI) is the regulating authority for India's securities and commodity markets. The Securities and Exchange Board of India's fundamental functions include ...protecting the interests of investors in securities, promoting the development of, and regulating the securities market.

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