Indian brokerages settle with SEC

Four Indian firms have agreed to pay nearly $2m to settle US Securities and Exchange Commission charges they provided brokerage services to US institutional investors without being registered, the regulator said yesterday. The SEC said Ambit Capital Private, Edelweiss Financial Services, JM Financial Institutional Securities Private, and Motilal Oswal Securities agreed to pay more than $1.8m in total to settle the charges, the regulator said.