Daijiworld Media Network - Mumbai

Mumbai, Sep 19: Motilal Oswal Financial Services Ltd (MOFSL) has settled proceedings initiated by the Securities and Exchange Board of India (SEBI) over record-keeping lapses by its authorised partner, Om Securities, by paying Rs 34.85 lac.

The case stemmed from SEBI’s probe into alleged front-running by certain entities between January 2022 and December 2023. The regulator charged MOFSL with failing to maintain proper client order records and with attempting to create supporting documents post-trade, raising compliance concerns.

MOFSL opted for the settlement route “without admitting or denying” the findings. SEBI’s quasi-judicial authority confirmed the settlement on September 17, disposing of the proceedings issued through a show-cause notice in February 2025.

The regulator, however, reserved the right to act if the company’s representations are later found untrue or if settlement terms are breached.