sebi:WTM/SR/MIRSD/85/04/2015
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Facts / Headnote
Cancelled certificates of registration of all seven Noticees with immediate effect
Provisions invoked
- s. 19
- s. 12(3)
Regulations
- Reg. 25
- Reg. 6A
- Reg. 27
- Reg. 10(1)
- Reg. 33B(5)
Parties
- Investment Point (India) Limited (INB230793536)
- Mascot Securities Limited (INB230770735)
- Montage Securities Limited (INB230648434)
- R. C. Garg & Sons Capital Services Limited (INB230877630)
- Sushant Capital Limited (INB230599433)
- Westfin Securities Limited (INB230781039)
- Ken Financial Services Limited (INB230752537)
Holding
The Whole Time Member cancelled the certificates of registration of the seven named stock brokers. This Order shall come into force with immediate effect.
Full text
Page 2 of 4 3. It is also observed that the Noticees failed to pay the registration fees to SEBI as per the provisions of Brokers Regulations read with Rule 4 of the SEBI (Stock Brokers and Sub Brokers) Rules, 1992. In view of this, SEBI initiated summary proceedings against the Noticees in the year 2004-05 in terms of the provisions of Chapter III of the SEBI (Procedure for Holding Enquiry by enquiry Officer and Imposing Penalty) Regulations, 2002 ("Enquiry Regulations") as the Noticees were expelled or declared defaulter by NSE and/or failed to pay registration fees to SEBI.
Page 3 of 4 7. It is noted that in terms of Bye Law 1 (in Chapter XII-Declaration of Default) of the NSE Bye Laws, NSE may declare a trading member a defaulter (by direction/ circular/ notification) if the conditions stipulated therein are satisfied. Further, Rule 28 of Chapter III (Trading membership) of the NSE Rules, provides that any trading member may cease to be a member by being declared a defaulter or expelled in accordance with the Bye Laws, Rules and Regulations of the Exchange. It is also noted from NSE's letter dated January 18, 2010 that the Noticees ceased to be its trading members.
Page 4 of 4 12. In view of the foregoing, I, in exercise of the powers conferred upon me under Section 12(3) read with Section 19 of the SEBI Act and regulations 27 and 33B of the SEBI (Intermediaries) Regulations, 2008, hereby cancel the certificate of registration of Investment Point (India) Limited (INB230793536), Mascot Securities Limited (INB230770735), Montage Securities Limited (INB230648434), R. C. Garg & Sons Capital Services Limited (INB230877630), Sushant Capital Limited (INB230599433), Westfin Securities Limited (INB230781039) and Ken Financial Services Limited (INB230752537).
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Source: SecMarx — sebi:WTM/SR/MIRSD/85/04/2015. 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.