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30-Nov2012

4 Indian financial services firm concur to pay $1.8 million to settle SEC charges

Edelweiss Financial Services, along with three other financial services firm who have been charged by the US Securities and Exchange Commission for providing brokerage services to US institutional investors without being registered, have agreed to pay more than $1.8 million together to settle the SEC's charges. Further, in their respective settlements, they have agreed to be censured while neither admitting nor denying the SEC's charges.

The other firms include Ambit Capital Private, JM Financial Institutional Securities and Motilal Oswal Securities. Individually these firms have agreed to pay disgorgement and prejudgment interest with Edelweiss paying $568,347, Ambit $30,910, JM Financial $443,545 and Motilal Oswal $821,594.

As per the regulator, these entities were providing brokerage services to institutional investors in the US without being registered with the SEC as required under the federal securities laws. These firms engaged the US investors through sponsored conferences, regular travel of their employees to meet the US investors, traded securities of India-based issuers on behalf of US clients and participated in securities offerings from India-based issuers to US investors.


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