INSUBCONTINENT EXCLUSIVE:
Board of India) declared the commodity broking arms of Motilal Oswal and India Infoline (IIFL) as not "fit and proper" in the NSEL case, the
scrip price of both the companies fell up to 5 per cent and 9 per cent respectively on Monday.Stock price of Motilal Oswal on BSE declined
up to 5.11 per cent but pared some of its early losses trading 2.85 per cent down at Rs 594.85 per share, while IIFL Holding Ltd tanked up
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
registration to carry on such activity, within a further period of 30 days", the order said.
