sebi:WTM/GA/49/MIRSD/1/08
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Facts / Headnote
Certificates of registration of the said stock brokers cancelled with immediate effect
Provisions invoked
- s. 19
Regulations
- Reg. 15
- Reg. 16(5)
- Reg. 16(6)
Holding
The certificates of registration of the 35 stock brokers who were expelled from NSE and OTCEI are cancelled, as they ceased to be members of a recognized stock exchange and thereby violated a mandatory condition for the grant of certificate of registration under Rule 4(a) of the Rules.
Full text
Page 2 of 7 19. Vinco Holdings and Financials (P) Ltd. INB200832837 OTCEI November 18, 2004. 20. Ferromech (India) Pvt. Ltd. INB200912837 OTCEI November 18, 2004.
Page 3 of 7 1.3 In view of the above, SEBI appointed officers to conduct summary proceedings under chapter III read with regulation 15 (c) of Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 (hereinafter referred to as the Enquiry Regulations). The officers, thus appointed by SEBI issued separate notices to the said Brokers through NSE and OTCEI for its
Page 4 of 7 1.4 The said notices were delivered to the aforesaid stock brokers in majority of the cases (Sr. Nos.6 to 8, 12 to 33). In some matters, it could not be delivered (Sr. Nos. 1 to 5, 9 to 11). SEBI received reply only from stock brokers at Sr. Nos. 34 and 35. Shri Manohar Raj Kankaria (Sr. No.34) inter alia informed the Enquiry Officer that he had resigned from OTCEI after one year of taking the membership. Integrated Capital Services Ltd. (Sr. No.35) inter alia did not dispute the factum of expulsion. It further stated that it had already paid SEBI dues. The Officers conducted the proceedings in terms of chapter III of the Enquiry Regulations and recommended to cancel the certificate of registration, as per the details mentioned below : S. No. Name of Stock Broker Regn. No. Date of Enquiry Report
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Source: SecMarx — sebi:WTM/GA/49/MIRSD/1/08. 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.