sebi:WTM/KMA/NRO/IVD/364/03/2011
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Facts / Headnote
Certificate of registration of the stock broker cancelled
Provisions invoked
- s. 19
Regulations
- Reg. 199
- Reg. 28
- Reg. 5(e)
- Reg. 38(3)
- Reg. 5(A)
- Reg. 6A(d)
Parties
- M/s Rakesh Mishra (Registration no. INB 100945318), Member, Uttar Pradesh Stock Exchange Limited
Holding
The certificate of registration granted to the stock broker, M/s Rakesh Mishra (Registration no. INB 100945318), Member, Uttar Pradesh Stock Exchange Limited, is cancelled on the ground that the Broker is not a "Fit and proper Person" as required under the Broker Regulations read with the Intermediaries Regulations.
Full text
Page 2 of 5 Intermediaries Regulations) to enquire into the alleged violations of Regulations 5(A), 5(e), 6(A)(a) and 6A(d) of the Securities and Exchange Board of India (Stock Brokers and Sub-brokers) Regulations 1992 (hereinafter referred to as the Broker Regulations) read with Regulation 38(3) along with Schedule II of the Intermediaries Regulations. The Designated Authority (hereinafter referred to as the Enquiry Officer), vide Report dated March 23, 2010, while recommending the cancellation of the certificate of registration of the Broker observed that the Broker had contravened Regulation 5(e) (read with 5A) and 6A(d) of the Broker Regulations.
Page 3 of 5 a. The Broker was a benami company of Hoffland Group and the said group Hoffland Group had defaulted payments to various investors. b. The conduct of the Hoffland Group had been investigated by the police and several prosecution cases had been initiated against it. c. The Broker had not paid SEBI turnover fees of `20,000/- including an interest of `18,117. (As on November 23, 2010, the principal amount outstanding was `20,000/- and the interest was ` 27,372/- (total ` 47,372/-) d.
Page 4 of 5 on the board of Keshavi Financial Services Private Limited, another company promoted by the Hoffland Group and member of DSE.
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Source: SecMarx — sebi:WTM/KMA/NRO/IVD/364/03/2011. 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.