sebi:WTM/VKC/MIRSD/122/2008
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Facts / Headnote
Certificates of registration of the nine brokers cancelled with immediate effect
Provisions invoked
- s. 19
Regulations
- Reg. 6
- Reg. 16
- Reg. 27
- Reg. 10
- Reg. 6A(1)
Parties
- P.G.Abraham Tharakan
- P.V.Uthuppachan
- Dr.Manmohan Sharma
- Sathish Nayak V.V.
- Jaya K.J.
- Asha Ashok
- George I Melethe
- Alice Kuruvila
- Aryaman Financial Services Ltd.
Holding
The certificates of registration of the nine named brokers of Cochin Stock Exchange are cancelled with immediate effect for non-payment of fees as prescribed under Schedule III read with Regulation 10 of the Broker Regulations and for ceasing to be members of the stock exchange.
Full text
1. An Enquiry Officer was appointed under Regulation 16 (1) of SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 (hereinafter referred to as “Enquiry Regulations”) for initiating Summary Proceedings against the undernoted brokers of Cochin Stock Exchange (CoSE) for non-payment of fees in the manner specified in Schedule III read with Regulation 10 of SEBI (Stock Brokers and Sub Brokers) Regulations, 1992. Sr. No. Name of Broker SEBI Registration No. 1 P.G.Abraham Tharakan INB090270217 2 P.V.Uthuppachan INB090276710 3 Dr.Manmohan Sharma INB090301216 4 Sathish Nayak V.V. INB090281617 5 Jaya K.J. INB090275418 6 Asha Ashok INB090275819 7 George I Melethe INB090521911 8 Alice Kuruvila INB090967611 9 Aryaman Financial Services Ltd. INB091048232
pay the required fees and have thereby contravened the provisions of Regulation 10 read with Schedule III of the Broker Regulations. The Enquiry Officer has, therefore, recommended that the registration certificate of the aforesaid brokers be cancelled.
b) ………………………………… c) ……………………………….. d) ……………………………….. e) ………………………………..” With the expulsion of the broker by the Stock Exchange, he no longer satisfies this essential pre-requisite for grant of a certificate of registration by SEBI. In terms of Regulation 27 (i) & (ii) of SEBI (Stock-brokers & Sub-brokers) Regulations, 1992, a stock broker shall be liable for any action as specified in the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing
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Source: SecMarx — sebi:WTM/VKC/MIRSD/122/2008. 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.