sebi:WTMN/67/MIRSD/7/2004

SEBI · SEBI · 2003-11-12 · T. M. Nagarajan, Whole Time Member

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Facts / Headnote

Application for renewal of certificate of registration as a Category I Registrar to an Issue and Share Transfer Agent rejected

Provisions invoked

• s. 19

Regulations

• Reg. 6
• Reg. 10

Parties

• Adam Comsof Ltd.

Holding

SEBI rejected Adam Comsof Ltd.'s application for renewal of its registration as a Category I Registrar to an Issue and Share Transfer Agent, holding that the company could not be deemed a fit and proper person under Regulation 6(g) of the 1993 Regulations.

Full text

Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ Order against Adam Comsof Limited Jul 16, 2004 | Orders : Orders of Chairman/Members SECURITIES AND EXCHANGE BOARD OF INDIA

for renewal of registration under Securities and Exchange Board of India (Registrar to an Issue and Share Transfer Agents) Regulations, 1993 (hereinafter referred to as ‘the said regulations’) to Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) for the purpose of continuing to carry on the activities as Registrar to an Issue and Share Transfer Agent. While considering the application, it was noted that the major shareholder of the applicant company Shri Rajkumar C Basantani who was its Chairman during the years 1999 to 2002 was debarred from dealing in securities market for a period of 3 years vide SEBI’s order dated September 16, 2002. SEBI, therefore, formed a prima facie view that the applicant company cannot be deemed to be a fit and proper person in terms of regulation 6 (g) of the said regulations and that the certificate of registration granted to it cannot be renewed. The applicant company was advised of the above view and also advised that if it desired to have an opportunity of being heard it might intimate its intention to SEBI within 15 days of receipt of the letter.

6. Therefore, pursuant to the powers conferred upon me under Regulation 10 of SEBI (Registrar to an Issue and Share Transfer Agents) Regulations, 1993, read with section 19 of Securities and Exchange Board of India Act 1992, I hereby reject the application for renewal of certificate of registration applied by Adam Comsof Ltd. as a Category I Registrar to an Issue and Share Transfer Agent. T. M. NAGARAJAN Date: July 16, 2004 WHOLE TIME MEMBER Place: MUMBAI SECURITIES AND EXCHANGE BOARD OF INDIA

Source: SecMarx — sebi:WTMN/67/MIRSD/7/2004. 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.