Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Morgan Stanley just got hit with another fine for bad behaviour

Oscar Williams-GrutMay 13, 2015, 19:39 IST

Morgan Stanley has been fined $2 million (£1.27 million) by US regulators for sloppy reporting of its short selling, the process of betting companies' shares will fall.

The Financial Industry Regulatory Authority (FINRA) said in a statement that the investment bank failed to accurately report billions of shares worth of short positions over a period of six years and also failed to put in place a proper supervisory system. FINRA's executive VP for market regulation Thomas Gira said: "It is imperative that this information be timely and accurately reported. Similarly, a fundamental requirement for compliance with the short sale rule is that firms properly track their short positions." Morgan Stanley neither admitted nor denied the charges as part of the settlement with FINRA.