Four Indian firms — Ambit Capital, Edelweiss Financial Services, JM Financial Institutional Securities and Motilal Oswal Securities — have agreed to pay over $1.8 million to the US Securities and Exchange Commission (SEC) to settle charges of violating registration requirements.

All four have agreed to be censured while neither admitting nor denying the SEC’s charges.

Ambit agreed to pay disgorgement and prejudgment interest totalling $30,910; Edelweiss $568,347; JM Financial $443,545 and Motilal Oswal $821,594.

SEC found that the four firms had indulged in sponsored conferences, asked their employees to regularly meet the US investors, traded Indian stocks on behalf of US clients, and participated in securities offerings from India-based issuers to the US investors.

SEC observed that the cooperation of the firms and prompt remedial measures were important factors in the acceptance of the firms’ settlement offers.

(This article was published on November 29, 2012)
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