In just a few weeks of April and May this year, the Securities and Exchange Board of India (SEBI) has picked up some serious payments ranging from Rs5 lakh to Rs40 lakh from three big brokerage firms that had ‘settled’ investigations without admitting or denying wrongdoing.
The firms were: Motilal Oswal Securities (Rs5 lakh), India Infoline Securities (Rs25 lakh) and HSBC InvestDirect Securities (Rs40 lakh). A less-known brokerage firm, called Jas One Securities, also paid Rs6 lakh to settle a case under the fraudulent and unfair trade practices regulation around the same time.