sebi:WTM/MSS/MIRSD/96/2011
Facts / Headnote
Application for grant of certificate of registration as a stock broker rejected
Provisions invoked
- s. 19
Regulations relied on
- SEBI (Intermediaries) Regulations, 2008
- SEBI (Stock Brokers) Regulations, 1992
Holding
The application dated October 30, 2009 by Satyshiv Shares & Securities Ltd. for registration as a stock broker of Delhi Stock Exchange Limited is rejected. The applicant is not a fit and proper person as it provided false and misleading information about the experience of its designated directors.
Full text
Page 2 of 2 5. I note that regulation 5 of the Regulations requires SEBI to take into account, while considering grant of certificate of registration, all matters relating to buying, selling, or dealing in securities, and in particular, whether the applicant is a “fit and proper person”. Regulation 5A of the Regulations read with Schedule II of the SEBI (Intermediaries) Regulation, 2008 requires SEBI to take into account integrity, reputation and character of the applicant to determine whether it is a fit and proper person. It is clear that the applicant is not a fit and proper person as it provided false and misleading information about the experience of its designated directors, to secure registration as a stock broker. This has not been contested by the applicant. Therefore, the application for registration as a stock broker is liable to be rejected.
6. In view of the foregoing, pursuant to the powers conferred upon me, under Section 19 of Securities and Exchange Board of India Act 1992, read with regulation 8(1) of the SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 and Schedule II of the SEBI (Intermediaries) Regulations, 2008, I hereby reject the application dated October 30, 2009, submitted by Satyshiv Shares & Securities Ltd., for grant of certificate of registration as a stock broker of Delhi Stock Exchange Limited.
7. This order shall come into force with immediate effect. M. S. SAHOO DATE: April 19, 2011 WHOLE TIME MEMBER PLACE: MUMBAI SECURITIES AND EXCHANGE BOARD OF INDIA
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Source: SecMarx — sebi:WTM/MSS/MIRSD/96/2011. 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.