Government Slashes Excise Duty on Petrol to ₹3/Litre and Exempts Diesel Completely Amid Surging Crude Oil Prices; Hardeep Singh Puri Firmly Denies Lockdown Rumours

  In a significant relief measure for millions of Indian consumers, the Central Government has sharply reduced special additional excise duty on petrol and fully exempted diesel to shield citizens from the sharp spike in global crude oil prices triggered by the ongoing West Asia crisis. The move comes as international crude benchmarks have climbed dramatically, with reports indicating prices rising from around $70 per barrel to as high as $122 in recent weeks due to supply disruptions. Why the Government Cut Fuel Excise Duty Now The Finance Ministry issued a notification reducing the special additional excise duty (SAED) on petrol from ₹13 per litre to just ₹3 per litre, while completely scrapping the ₹10 per litre duty on diesel. This timely intervention aims to prevent a direct pass-through of higher international costs to retail fuel prices at pumps across the country. Union Petroleum and Natural Gas Minister Hardeep Singh Puri explained the rationale behind the decision. H...
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SEBI Fines Motilal Oswal ₹7 Lakh for Stock Broking Norm Violations, Cites Reporting Lapses

 

The Securities and Exchange Board of India (SEBI) has imposed a ₹7 lakh penalty on Motilal Oswal Financial Services (MOFSL) for violating stock broking norms. The penalty follows an inspection conducted by SEBI for the period between April 1, 2021, and June 30, 2022.

Key Findings of SEBI’s Inspection

SEBI’s inspection revealed lapses in reporting and margin collection, leading to regulatory non-compliance. The key violations highlighted include:

  • Failure to maintain books/records, resulting in a ₹1 lakh penalty.
  • Failure to address investor grievances, leading to another ₹1 lakh fine.
  • General non-compliance with regulatory requirements, attracting a ₹5 lakh penalty.
  • 57 instances where MOFSL failed to correctly upload weekly data of cash and cash equivalent balances.

SEBI noted that while there was no evidence of disproportionate gains or investor losses, regulatory compliance remains critical for maintaining market integrity.

Motilal Oswal’s Response

In response to SEBI’s order, Motilal Oswal Financial Services clarified that some of the violations were accidental and not intentional misreporting. The firm attributed the lapses to technical issues, which have since been rectified.

Despite the absence of unlawful gains, SEBI emphasized the importance of strict adherence to compliance norms. The firm has been directed to pay the fine within 45 days.

Conclusion

This penalty underscores SEBI’s stringent stance on regulatory compliance in the stock broking industry. While Motilal Oswal has addressed the concerns, the case serves as a reminder for brokerage firms to ensure transparency, proper reporting, and investor protection to avoid penalties in the future.

Location:Nainital Uttarakhand ,India India

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