sebi:Order/AN/RG/2024-25/31167
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Facts / Headnote
Noticee found liable for monetary penalty under Section 15HB, Section 15C and Section 15A(c) of the SEBI Act, 1992 for multiple violations; penalty to be paid within 45 days. Some allegations allowed benefit of doubt.
Provisions invoked
- s. 11B
- s. 11
- s. 15A
- s. 15
- s. 19
- s. 15H
- s. 15J
- s. 15F
- s. 28A
- s. 15C
- s. 23
- s. 23H
Regulations
- Reg. 6
- Reg. 9(f)
- Reg. 17
- Reg. 9
- Reg. 9(e)
- Reg. 72(1)
Parties
- Motilal Oswal Financial Services Limited
Holding
The Noticee (Motilal Oswal Financial Services Limited) was held liable for monetary penalty under Sections 15HB, 15C and 15A(c) of the SEBI Act, 1992 for violations of various SEBI circulars, regulations and the Code of Conduct relating to margin reporting, CUSA transfers, investor grievances, bank book maintenance, settlement of inactive client funds, and Rule 8(3)(f) of SCRR. However, the alleged violation regarding investments in associate companies under Rule 8(3)(f) was not clearly established and benefit of doubt was given to the Noticee.
Full text
Adjudication Order in the matter of Motilal Oswal Financial Services Limited Page 2 of 62 various provisions of Securities Contract (Regulation) Rules, 1957 (“SCR Rules, 1957”), Securities and Exchange Board of India (Stock Brokers) Regulations, 1992 (“SEBI Stock Broker Regulations” / “SEBI Stock Broker Regulations, 1992”), SEBI (Depositories and Participants) Regulations, 2018 (“DP Regulations/ SEBI DP Regulations”) and various Circulars viz.,
Adjudication Order in the matter of Motilal Oswal Financial Services Limited Page 3 of 62 VIII. Regulation 17 of SEBI (Stock Brokers) Regulations, 1992.
Adjudication Order in the matter of Motilal Oswal Financial Services Limited Page 4 of 62 C. SHOW CAUSE NOTICE, REPLY AND HEARING
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