Sebi penalises Motilal Oswal Securities

Markets regulator Sebi on Thursday imposed a fine of ~200,000 on Motilal Oswal Securities in a case related to alleged unauthorised trading through use of forged Power of Attorney (PoA). A complaint was filed by one C R Mohan Raj against Motilal Oswal, alleging that though he had given consent to trade only in the cash segment, the latter had traded in derivatives segment without his knowledge. "I find that the investigation did not bring out the disproportionate gain orunfair advantages to the notice (Motilal Oswal) and loss caused to investors due to non-maintenance of Power of Attorney. The default cannot be said to be repetitive in nature," Sebi's Adjudicating Officer Sahil Malik said in an order.