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19 Nov 2024
Motilal Oswal Financial Services has received an administrative warning from SEBI regarding its broking procedure for uploading customer Unique Customer Code (UCC) data on the Multi Commodity Exchange of India Ltd platform.
The company disclosed this in an exchange filing on Tuesday, July 2.
According to Motilal Oswal Financial Services, SEBI conducts periodic audits of its various regulated operations, and the recent warning pertains to minor operational issues highlighted in SEBI's letter dated June 28, 2024.
The company assured that this warning does not impact its financial position, operations, or other activities.
In financial performance news, Motilal Oswal Financial Services reported a substantial 334% year-over-year increase in consolidated net profit for the March quarter, reaching ₹724.6 crore compared to ₹167 crore a year earlier.
Operating income also surged by 108% year over year to ₹2,141.3 crore from ₹1,027.4 crore. Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) rose sharply to ₹1,231.5 crore from ₹443.7 crore in the same period last year.
Despite these positive financial results, Motilal Oswal Financial Services' share price closed more than 4% lower at ₹566.85 apiece on the BSE in Tuesday's trading session.
Recently, SEBI issued a circular instructing stock exchanges and other market infrastructure institutions (MIIs) to adopt a uniform price structure for all members, rather than varying costs based on volume or activity.
This directive is expected to impact the revenue and trading volumes of stock broking companies significantly.
Nilesh Sharma, President & Executive Director of SAMCO Securities, commented on the SEBI circular, noting its potential impact on the stock broking industry's revenue streams, particularly from transaction charges collected on trades executed on exchange platforms.
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