SEBI levies penalty on stock broker over regulatory violations

It details the findings of the Designated Authority and the procedural history, including a rejected settlement application, leading to the continuation of proceedings under SEBI regulations.

Who it concerns: Motisons Shares Limited (formerly Motisons Shares Private Limited)

What SEBI found or ordered

• SEBI conducted joint inspections with BSE and NSE for April 2021–August 2022 and a limited purpose inspection for April 2023–June 2024.
• The Adjudicating Officer levied a penalty of INR 12 Lakhs on the Noticee, which was deposited 'under protest'.
• The Designated Authority recommended prohibiting the Noticee from taking new assignments or launching new schemes for 15 days.
• The Noticee filed a settlement application, which was returned/rejected by SEBI's Settlement Division on January 5, 2026, because an earlier application for the same default had been rejected.
• Proceedings were revived after the settlement rejection, and the order notes the consideration of the DA's report and the Noticee's replies.

Also in the document

• The Noticee alleged that some violations were due to software errors or miscalculations, which were subsequently resolved.
• The Noticee argued that no client complaints were received and no loss was caused to any person.
• The order notes that the Noticee had previously had a settlement application rejected for the same alleged default, which prevented the current settlement attempt.