INSUBCONTINENT EXCLUSIVE:
SEBI has ordered Motilal Oswal and IIFL to transfer securities of all their clients and allow withdrawal.Market regulator Securities and
Exchange Board of India (SEBI) has declared the commodity broking arms of Motilal Oswal and India Infoline (IIFL) as not "fit and proper",
as part of the action taken in the NSEL case.SEBI is probing as many as 300 brokers for violation of rules colluding with the National Spot
Exchange Ltd (NSEL) to defraud investors
the conduct of the noticee in its functioning as a commodity broker is questionable and has certainly eroded its general reputation, record
of fairness, honesty and integrity and has therefore affected its status as a 'fit and proper person' to be an intermediary in the
SEBI said that the brokers had a close association with NSEL and allowed themselves to "become a channel"."Thus the noticee is not a fit and
shall transfer its balance clients with their corresponding securities and funds to another person, holding a valid certificate of
regulators unified licence regime, most firms have moved their commodity operations under the same unit that operates stock broking
