sebi:WTMN/76/MIRSD/8/2004

SEBI · SEBI · 2004-05-13 · T.M. Nagarajan, Whole Time Member

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Facts / Headnote

Surrender of Certificate of Registration accepted and Certificate of Registration cancelled with immediate effect

Provisions invoked

• s. 19

Regulations

• Reg. 16(5)
• Reg. 16
• Reg. 15(i)

Parties

• Charotar Nagrik Sahakari Bank Ltd

Holding

The surrender of Certificate of Registration by Charotar Nagrik Sahakari Bank Ltd as Depository Participant of NSDL was accepted and the said Certificate was cancelled with immediate effect.

Full text

Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ 1. CNSBL surrendered its Certificate of Registration as Depository Participant of NSDL in March 2004. NSDL has approved the same vide letter dated May 13, 2004 to SEBI with a recommendation to cancel the same.

In terms of Regulation 15(i) of the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 (hereinafter referred to as "Enquiry Regulations"), summary procedure under regulation 16 ibid may be followed where an intermediary surrenders its certificate of registration to the board. Accordingly, as per summary procedure, an enquiry officer was appointed vide order of the Member dated June 14, 2004 to submit a report. The enquiry officer submitted his report on July 21, 2004. I have considered the facts of the matter and report of the enquiry officer and other material on record. Enquiry Officer had issued a notice to CNSBL vide letter dated June 22, 2004 giving an opportunity for written submissions.it was also mentioned in the notice that if no reply is received the matter will be proceeded in accordance with the provisions of the said regulations. However no reply was received from CNSBL for the aforesaid notice. It is noted that NSDL had recommended acceptance of the application of CNSBL for surrender of Certificate of Registration as Depository Participant and cancellation of the registration after all conditions under the bye laws were found fulfilled. The enquiry officer has also reported that it was confirmed that there were no adverse comments against CNSBL pending with NSDL. The enquiry officer has also reported that there were no adverse comments against CNSBL on records with SEBI and that there were no dues from CNSBL as a Depos

T.M.NAGARAJAN Date: August 25, 2004 WHOLE TIME MEMBER Place: MUMBAI SECURITIES AND EXCHANGE BOARD OF INDIA 4. The enquiry officer has also reported that there were no adverse comments against CNSBL on records with SEBI and that there were no dues from CNSBL as a Depository Participant to SEBI. The enquiry officer has, therefore, recommended acceptance of the surrender of certificate of registration of CNSBL and cancellation of the registration. I agree with the recommendation. 5. in view of the foregoing and in exercise of powers conferred upon me under Section 19 of the SEBI Act read with Regulation 16(5) of the Enquiry Regulations, I hereby direct that the surrender of Certificate of Registration by Charotar Nagrik Sahakari Bank Ltd be accepted and the said Certificate be cancelled.

Source: SecMarx — sebi:WTMN/76/MIRSD/8/2004. 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.