Explore Business Standard
Markets regulator Sebi on Thursday imposed a penalty of Rs 7 lakh on Motilal Oswal Financial Services Ltd for flouting stock broker and depository participant rules. It has been directed to pay the fine within 45 days, according to an order passed by the Securities and Exchange Board of India (Sebi). This came after Sebi conducted inspection of the stock broker and depository participant, MotilalOswal Financial Services Ltd, jointly with stock exchanges and depositories for the inspection period from April 2021 to June 2022. In its probe, the regulator found that Motilal Oswal Financial Services did not resolve 26 complaints within a period of 30 days, transferred securities of credit balance clients to "client unpaid securities account", and incorrectly reported Margin Trading Funding (MTF) collaterals to the exchange. Additionally, it had done wrong reporting and short collection of margin on one instance in CM (capital market) segment, on one instance in FO (futures & options) .
SBI Mutual Fund on Friday picked up an additional 3.8 per cent stake in auto components maker Happy Forgings for Rs 341 crore through an open market transaction. According to the bulk deal data available with the BSE, SBI Mutual Fund purchased 35.91 lakh shares, amounting to a 3.8 per cent stake, of Happy Forgings. The shares were acquired at an average price of Rs 950 apiece, taking the transaction value to Rs 341.22 crore. After the transaction, SBI Mutual Fund's holding in Happy Forgings has increased to 5.77 per cent from 1.97 per cent. Meanwhile, Business Excellence Trust III offloaded 39.10 lakh shares or 4.2 per cent stake in Happy Forgings for Rs 371 crore through an open market transaction. Business Excellence Trust III is a Sebi-registered Alternative Investment Fund managed by MOPE Investment Advisors. MOPE, a subsidiary of Motilal Oswal Financial Services Ltd (MOSFL). The shares were sold at an average price of Rs 950.06 per piece, taking the deal value to Rs 371.48 .
Motilal Oswal Financial Services on Monday said it plans to raise up to Rs 1,000 crore by issuing non-convertible debentures (NCDs) through public issue. The company proposes to raise through the Secured Redeemable Non-Convertible Debentures (NCDs) of the face value of Rs 1,000 each for an amount up to Rs 500 crore (Base Issue Size), with a green shoe option of up to Rs 500 crore, cumulatively aggregating up to Rs 1,000 crore. There are eight series of NCDs carrying fixed coupons and having a tenure of 24 months, 36 months, 60 months, and 120 months with annual, monthly and at maturity interest options. Effective annual yield for NCDs ranges from 8.85 per cent to 9.70 per cent per annum, Motilal Oswal Financial Services said in a regulatory filing. At least 75 per cent of the funds raised through this issue will be used for the purpose of meeting working capital requirement and repayment of existing liabilities and the balance amount would be utilised for general corporate purposes