Motilal Oswal Financial Services Shares Fell 5 Percent And IIFL Holdings Plunged 9 Percent

Motilal Oswal Financial Services shares fell 5 percent and IIFL Holdings plunged 9 percent in morning on Monday after market regulator SEBI declared their commodity broking subsidiaries as 'not fit and proper'. It is a part of action by the regulator in the NSEL case.

IIFL Holdings was quoting at Rs 354, down 3.11 percent and Motilal Oswal Financial Services was down 3.9 percent at Rs 588.45 on the BSE.

SEBI is investigating as many as 300 brokers on charges of colluding with NSEL to defraud investors. In the NSEL case, the exchange was found to have not maintained sufficient underlying stock on trades it allowed.

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