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Our Bureau

Mumbai , Sept. 1

The Securities and Exchange Board of India has lifted the ban on Motilal Oswal Securities Ltd on opening fresh demat accounts.

The regulator in an interim order on April 27 had banned Motilal Oswal Securities, along with others from opening fresh demat accounts following their failure in adhering to the know your client (KYC) norms. It was alleged that they had facilitated opening demat accounts in fictitious names and cornering the retail portion of initial public offerings.

In an order issued on Thursday, SEBI has directed that there is no need to continue the ban on Motilal Oswal Securities.

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