SEBI, who monitored the stock market, has once again come into action. This time the target is Motilal Oswal Financial Services (MOFSL). SEBI has imposed a fine of Rs 7 lakh on the company. The reason for this is ignoring the rules of stock broking.
When and why was the penalty?
According to the news published in the Economic Times, SEBI inspected MOFSL between April 2021 and June 2022 and caught several mistakes. The biggest problem was found in margin reporting and short-selection. According to SEBI, the company did not comply with the rules that make investors’ money safe.
What is special in the 62 -page report?
SEBI’s 62 -page long report clearly stated that the rules have been violated, and a fine of Rs 7 lakh has been justified for this. SEBI’s order states that this penalty has been imposed as per the seriousness of breaking the rules and the company needs to improve now.