2 brokerages penalised for misusing client funds
The Securities and Exchange Board of India (SEBI) has penalised brokerages Motilal Oswal Financial Services and Nirmal Bang Securities for alleged failure to segregate client securities and further misusing such client securities. In two separate orders issued on Friday, the capital market watchdog imposed a monetary penalty of ₹17 lakh and ₹30 lakh on Motilal Oswal Financial Services and Nirmal Bang Securities, respectively.