Nov 27 Four Indian financial services firms
agreed to pay nearly $2 million to settle U.S. Securities and
Exchange Commission charges it provided brokerage services to
U.S. institutional investors without being registered, the
regulator said on Tuesday.
The SEC said Ambit Capital Private Ltd, Edelweiss Financial
Services Ltd, JM Financial Institutional Securities Private Ltd,
and Motilal Oswal Securities Ltd engaged with U.S. investors by
sponsoring conferences, having employees travel to the United
States to meet investors and in other ways.
The brokerages agreed to pay more than $1.8 million in total
to settle the charges, the regulator said.
Motilal Oswal, one of the largest Indian brokerages, will
pay about $820,000, Edelweiss will pay about $568,000, JM
Financial will pay $443,000 and Ambit will pay about $31,000.
"These four firms and all other foreign broker-dealers must
educate themselves on the U.S. laws and regulations when they
provide services to U.S. investors." Scott W. Friestad,
associate director of the SEC's division of enforcement, said in