sebi:Order/AK/GN/2025-26/31464

SEBI · SEBI · 2024-05-22 · Amit Kapoor, Adjudicating Officer

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Facts / Headnote

Penalty imposed on Noticee for violations of SEBI Master Circular for Stock Brokers and Code of Conduct provisions.

Provisions invoked

Regulations

Parties

Holding

The Noticee violated Para 32.5.1 and 32.7.6 of SEBI Master Circular for Stock Brokers and Clause A (2) of Schedule II Code of Conduct read with Regulation 9 of Stock Brokers Regulations, and a penalty of Rs. 3,00,000 was imposed under Section 15HB of the SEBI Act.

Full text

Adjudication Order in the matter of Motilal Oswal Financial Services Ltd. Page 2 of 46 as the Adjudicating Officer, vide communiqué dated July 22, 2024, to inquire into and adjudge under the provisions of Section 15HB of the SEBI Act, the following violations allegedly committed by the Noticee-

Adjudication Order in the matter of Motilal Oswal Financial Services Ltd. Page 3 of 46 and are not undertaking any business which are disallowed under the Byelaws, Rules & Regulations and Circulars of SEBI/ Exchange  NSE Circular NSE/COMP/48536 dated June 09, 2021 read with Clause A (5) of Schedule II for Code of Conduct of Stock Brokers Regulation

Adjudication Order in the matter of Motilal Oswal Financial Services Ltd. Page 4 of 46 6.1.5 Further, it was observed that Mr. Aditya Singh, Mr. Ayush Mishra, and Mr. Manwek Jha have terminals registered in their names (BSE) however; they do not have valid NISM Certification. 6.1.6 In view of the above, it was alleged that Noticee violated Para 77.2 of SEBI Master circular for stock brokers i.e. SEBI/HO/MIRSD/MIRSD-PoD- 1/P/CIR/2024/53 dated May 22, 2024 r/w Para 2 of SEBI circular SMDRP/Policy/Cir-49/2001 dated October 22, 2001, Regulation 26(xix) and Clause A (1) & A (2) of Schedule II of Code of Conduct r/w regulation 9 of Stock Brokers Regulations and Regulation 3(2) of SEBI (Certification of Associated Persons in the Securities Markets) Regulations, 2007.

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Source: SecMarx — sebi:Order/AK/GN/2025-26/31464. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.