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SEC charges four Indian brokerages with registration violations

Ambit Capital, Edelweiss Financial, JM Financial and Motilal Oswal charged for providing brokerage services to US investors without being registered

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Four Indian financial services firms agreed to pay nearly $2 million to settle US Securities and Exchange Commission charges that they provided brokerage services to US institutional investors without being registered, the regulator said on Tuesday.

The said Ambit Capital Private Ltd, Edelweiss Financial Services Ltd, Institutional Securities Private Ltd, and Motilal Oswal Securities Ltd engaged with US investors by sponsoring conferences, having employees travel to the United States to meet investors and in other ways.

The brokerages agreed to pay more than $1.8 million in total to settle the charges, the regulator said.

Motilal Oswal, one of the largest Indian brokerages, will pay about $820,000, Edelweiss will pay about $568,000, JM Financial will pay $443,000 and Ambit will pay about $31,000.

"These four firms and all other foreign broker-dealers must educate themselves on the US laws and regulations when they provide services to US investors." Scott W. Friestad, associate director of the SEC's division of enforcement, said in a statement.


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