U.S. market regulator SEC, on Tuesday, charged four Indian brokerages — Ambit Capital, Edelweiss Financial Services, JM Financial and Motilal Oswal Securities — for violating registration rules and they have agreed to pay over $1.8 million to settle the charges.

The officials of the brokerages could not be immediately contacted.

Charge

In a statement, the U.S. Securities and Exchange Commission (SEC) said it had charged Ambit Capital Pvt. Ltd., Edelweiss Financial Services, JM Financial Institutional Securities Pvt. Ltd. and Motilal Oswal Securities.

They were charged for “for providing brokerage services to institutional investors in the U.S. without being registered with the SEC as required under the federal securities laws,” the statement said.

Together, the four firms have “agreed to pay more than $1.8 million combined to settle the Securities and Exchange Commission’s charges.’’

Sponsored conferences

According to the regulator, these entities engaged with U.S. investors despite being unregistered broker-dealers, in ways such as sponsored conferences in the U.S., among others.

“In their respective settlements, the firms 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 agreed to pay $568,347, JM Financial $443,545 and Motilal $821,594,” the statement said.

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