sebi:WTM/ASB/MIRSD/MIRSD3/20814/2022-23
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Facts / Headnote
Certificate of Registration of Satellite Corporate Services Pvt. Ltd. suspended for three months; audit and client-company due diligence directed
Provisions invoked
- s. 19
- s. 12(3)
- s. 132
- s. 132(4)
Regulations
- Reg. 13
- Reg. 14
- Reg. 14(1)
- Reg. 14(3)
- Reg. 14(2)
- Reg. 27
- Reg. 27(1)
Parties
- Satellite Corporate Services Pvt. Ltd.
Holding
The Certificate of Registration of Satellite Corporate Services Pvt. Ltd. (SCS) was suspended for three months for violating record-keeping, due diligence, and procedural requirements as a Registrar to an Issue and Share Transfer Agent, including non-maintenance of specimen signatures, processing of demat/transfer/remat requests without verification, and failure to follow prescribed objection norms.
Full text
Order in respect of Satellite Corporate Services Pvt. Ltd. 2 / 25 Most of the remat requests were received at around the same time and the authorised signatory in many of the remat request forms was the same person. b) SCS processed 146 transfer requests where the signature records were not available, and had allowed transfer of shares without making any attempt to verify the genuineness of these transfer requests and without even sending seller notices to the transferors. c) SCS had processed 497 demat requests where the signature records were not available and in all such cases SCS had allowed the dematerialisation of shares without any attempt to verify the genuineness of those demat requests.
Order in respect of Satellite Corporate Services Pvt. Ltd. 3 / 25 2.4. In view of the same, the DA in terms of Regulation 27 of the Intermediaries Regulations recommended that the Certificate of Registration of SCS may be suspended for a period of three months.
Order in respect of Satellite Corporate Services Pvt. Ltd. 4 / 25 3.4. With regard to the specific allegations made in the Post-enquiry SCN, the Noticee has submitted as under:
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Source: SecMarx — sebi:WTM/ASB/MIRSD/MIRSD3/20814/2022-23. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.