The Securities and Exchange Board of India (SEBI) has imposed a fine on Motilal Oswal Financial due to regulatory breaches. SEBI investigated the company’s compliance with regulations, which resulted in a penalty. Earlier this week, the company also published its quarterly financial results. The stock saw a notable drop during Thursday’s trading, finishing about 4 per cent lower.
Penalty Details
SEBI has stated that Motilal Oswal Financial will face a penalty of ₹700,000 for its regulatory infractions. The regulator highlighted that the fine was due to the company’s failure to report margin information to the exchange accurately, improper weekly submissions of cash and cash equivalents, the ongoing presence of 334 complaints beyond the 30-day resolution period, and insufficient documentation of transactions in their records. The breakdown of the penalty includes ₹100,000 for poor maintenance of records, another ₹100,000 for not addressing investor complaints, and ₹500,000 for failing to comply with other business regulations. Motilal Oswal must settle this penalty within 45 days.
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Overview of Quarterly Results
This week, the company announced its quarterly results, revealing a profit decrease of around 15%, dropping from 659.8 crore rupees to 564.5 crore rupees. On a positive note, the company’s revenue increased from 1,791.3 crore rupees last year to 1,998.6 crore rupees this year.
The company reported a 38% rise in operating profit compared to the same quarter last year. Additionally, it declared a dividend of five rupees per share for its shareholders.
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