sebi:WTM/MSS/MIRSD/89/2011
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Facts / Headnote
Suspended the certificate of registration of M/s. Maliram Makharia Finstock Pvt. Ltd. (SEBI Regn. No. INB010972034) till outstanding registration fees is paid in full, effective on expiry of 21 days from the date of the Order
Provisions invoked
- s. 19
Regulations
- Reg. 27
- Reg. 6A
- Reg. 10(1)
- Reg. 10(2)
- Reg. 33B(5)
Parties
- Maliram Makharia Finstock Pvt. Ltd.
Holding
SEBI suspended the certificate of registration of Maliram Makharia Finstock Pvt. Ltd. (INB010972034) until outstanding registration fees are paid in full. It held Maliram is not entitled to fee continuity benefit on corporatization.
Full text
Page 2 of 3 November 8, 1996. One Mr. Natwarlal Thakordas Dalal, who claimed to be the only surviving legal heir of Mr. Dalal, claimed the said membership right of Mr. Dalal. To this claim, Maliram, vide its letter dated November 22, 1996 to BSE, submitted as under: “At the outset we have to state that in consideration of a sum of Rs. 1 crore paid by us to Shyamlal T. Dalal (now deceased), Shyamlal T. Dalal has sold and / or transferred all his rights in card bearing No.632 of the Bombay Stock Exchange much prior to his demise on 8th November 1996. Pursuant to the aforesaid sale and after having received the aforesaid consideration, the deceased vendor had made an application on 18th October 1996 nominating our company as his successor and tendered resignation from your association”. BSE, vide its letter dated November 19, 2009 to SEBI, has stated that the membership right of late Mr. Shyamlal Thakordas Dalal had been transferred to Maliram on August 13, 2007.
Page 3 of 3 the certificate of registration of M/s. Maliram Makharia Finstock Pvt. Ltd. (SEBI Regn. No. INB010972034) till the time outstanding registration fees is paid in full.
6. It is clear from the above records that Maliram acquired membership of BSE on transfer from Mr. Dalal by paying due consideration and SEBI cancelled the registration of Mr. Dalal and granted a fresh registration to Maliram. It is not a case of conversion of individual membership right of Mr. Dalal to corporate membership of Maliram, as now falsely claimed by Maliram. Since the very first condition for fee continuity benefit is not satisfied, I am not examining the satisfaction of other conditions. Therefore, Maliram is not entitled to fee continuity benefit on corporatization.
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Source: SecMarx — sebi:WTM/MSS/MIRSD/89/2011. 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.