Motilal Oswal Financial Services on Tuesday announced buyback of its 14.55 lakh equity shares at a price of Rs 1,100 per unit for of Rs 160 crore. The buyback represents 0.98 percent of the total paid-up equity share capital of the company as on March 31, 2022, Motilal Oswal Financial Services said in a statement.

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The company has decided to use tender offer route for acquisition of shares, it said after the board approval. Members of the promoter and promoter group of the company have indicated their intention to participate in the proposed buyback, it said. The company has fixed May 27, 2022 as the record date for the purpose of determining the entitlement for buyback.

Earlier this month, capital markets regulator SEBI had imposed a penalty of Rs 25 lakh on Motilal Oswal Financial Services Ltd for misutilisation of clients' funds and incorrect reporting of the margin. In addition, it has been charged for funding clients beyond the stipulated time period, failure to keep appropriate evidences of client order placement and discrepancies in CKYC (Central Know Your Customer) process among others.

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