SEBI fines Motilal Oswal Rs 5 lakh

Motilal Oswal Financial Services (MOTILALOFS) has disclosed that the Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs 500,000 on the company. The penalty stems from a SEBI investigation into trade recommendations made by Mr. Hemant Ghai between January 1, 2019, and March 31, 2020, and trades executed by his relatives. The investigation found lapses by MAS Consultancy Service (Authorised Person) while executing the trades of two clients. Motilal Oswal states that it has already taken corrective steps to address the SEBI's observations and that the order will not have a material impact on the company's financial operations.