Sebi imposes Rs 2.5 million penalty on Motilal Oswal Financial Services

Through such acts, Motilal Oswal Financial Services has violated regulatory norms and accordingly Sebi levied a fine on it.

Capital markets regulator Sebi has imposed a penalty of Rs 2.5 million on Motilal Oswal Financial Services Ltd for misutilisation of clients' funds and incorrect reporting of the margin.

In addition, it has been charged for funding clients beyond the stipulated time period, failure to keep appropriate evidences of client order placement and discrepancies in CKYC (Central Know Your Customer) process among others, according to a Sebi order passed on Friday.
 

The order comes after Securities and Exchange Board of India (Sebi) conducted a comprehensive inspection of Motilal Oswal Financial Services with respect to its stock broking and depository participants'