In the Matter of Ambit Capital Pvt. Ltd., Admin. Proc. No. 3-15105; In the Matter of Motilal Oswal Securities Limited, Admin. Proc. No. 3-15106; In the Matter of JM Financial Institutional Securities Private Limited, Admin. Proc. No. 3-15107; In the Matter of Eselweiss Financial Services Ltd, Admin. Proc. No. 3-15108.  On November 27, 2012, the SEC announced the filing of settled charges against four brokerage firms, Ambit Capital Private Limited, Edelweiss Financial Services Limited, JM Financial Institutional Securities Private Limited, and Motilal Oswal Securities Limited.  Without admitting or denying the charges, the four firms consented to the entry of SEC orders finding that they acted as unregistered broker-dealers by sponsoring conferences in the U.S., having employees travel regularly to the U.S. to meet with investors, trading securities of issuers on behalf of U.S. investors, and participating in securities offerings from issuers to U.S. investors.  In the settlements, each firm agreed to a censure.  Additionally, Ambit agreed to pay disgorgement and prejudgment interest totaling $30,910, Edelweiss agreed to pay $568,347, JM Financial agreed to pay $443,545, and Motilal agreed to pay $821,594.  Because of the firms’ cooperation and remedial undertakings, the SEC did not impose civil monetary penalties or cease-and-desist orders.