Market regulator SEBI has taken a big action on Motilal Oswal. SEBI has imposed a penalty of Rs 7 lakh on Motilal Oswal Financial Services. SEBI decided this after a disturbance in the stock broker Compliance along with the egypting of the funds of clients on the company.
Market Regulatory in its investigation found that Moti Oswal Financial Services did not settle 26 complaints at the right time. With this, the company put the credit balance securities in the client unpeded securities account. SEBI has asked the company to deposit the fine amount within 45 days. SEBI has put penalty separately.
For example, a fine of Rs 1 lakh has been imposed for not keeping proper books and records properly. A fine of Rs 1 lakh has also been imposed for not hearing the complaints of investors at the right time. With this, a penalty of Rs 5 lakh has been imposed on the company for non -compliance. SEBI has done this entire investigation on transactions done during the period from April 2021 to June 2022.
SEBI found in its investigation that the company did not release the money of investors. In June 2022, 39 people traded in Motilal Oswal Financial Services, but the company had termed their account as inactive and side by side and investigation found that the company had given the reasons to keep the account separated by the company. He turned out to be wrong. SEBI said that Motilal Oswal is a registered company. Therefore, the company should have followed the rules of SEBI. The company did not do so, so he has imposed a fine of Rs 7 lakh.
Motilal Oswal Company has made less recovery of incorrect reporting and margin in the Capital Market, Futures and Options and Currency derivative segment.
