The Philadelphia Stock Exchange was censured yesterday by the Securities and Exchange Commission for failing to properly police its member firms.

In another, separate action, the SEC accused a New York-based mutual fund operation and its directors -- which included a Nobel Prize winner -- of violating the anti-fraud statues of the federal securities laws.

In the Philadephia Exchange action, the SEC said that officials there failed to ensure that stock quotations of member firms were properly disseminated to investors.

The SEC warned that such lax self-regulation by the exchange could impair the national market system which pools stock quotations from the various exchanges across the country.

"Unless market participants are confident that the displayed quotation information is accurate, complete and timely, they will be unwilling to send orders through an intermarket linkage system," the SEC said.

In settling the SEC action, the Philadelphia Exchange agreed to take certain remedial actions to sharpen its surveillance and enforcement activities.

The SEC also ordered a public hearing on the operations of two New York mutual funds, which were reorganized in 1979

First Multifund for Daily Income Inc. (FMDI) invested primarily in certificates of deposit issued by commercial banks. First Multifund of America Inc. (FMA) invested in shares of other investment companies.

From 1974 until 1979, the two funds were managed by Milton Mound through First Multifund Advisory Corp.

According to the SEC, FMDI overvalued its portifolio of CDs by failing to show that the saleable value of those certificates declined throughout 1978. t

As for FMA, the commission said that manager Mound total investors that the fund's objective was longterm growth "without disclosure that the investment strategry of FMA was based on short-term investments and high portfolio turnover."

The SEC said the FMDI, to satisfy redemptions without liquidating any of the investments in its portfolio, began in June 1978, to borrow from a bank. But the cost of the borrowing exceeded the average return on its portfolio instruments by at least 3 percent.

Before the two funds were exchanged for shares in funds run by Oppenheimer Inc., FMDI had assets of $8.2 million and FMA of about $10 million.

The SEC alleges in a footnote to the complaint that FMDI's auditor, Peat, Marwick, Mitchell & Co., "should have advised FMDI to change its accounting policy and make appropriate disclosure."

The SEC alleged that the former directors of the two mutual funds "failed to fulfill their proper responsibilities."

Among those named in the compalint besides Mound, were I.I. Rabi, who was awarded the Nobel prize for physics in 1944; James F. Bender, dean of the center of banking at Adelphi University; former congressman Robert Stephens Jr., (D-Ga.); Aaron W. Warner, dean emeritus of Columbia University, and Rear Adm. Elliot B. Strauss USN (Ret).

These directors apparently plan to challenge the SEC's finding.

Two other fund officials, Paul Bushbaum, formerly vice president and treasurer of the funds' parent company, and S. Jay Levy, a director of the two funds, settled the SEC complaint.

Both men were suspended from various activities in the securties business for periods of up to 18 months.