Order Under Section 11(1), 11(4) And 11b Of Sebi Act, 1992 Against Sunil Kumar Kayan And Sanjay Bansal

SEBI had conducted inspection of Sunil Kumar Kayan, member CSE operating under trade name Sunil Kumar Kayan & Co. The inspection revealed that three NSE trading terminals were being operated in the premises of the broker though he is neither a member of NSE nor a sub-broker of any NSE member. Two of the trading terminals has been given to him by Sanjay Bansal, Member Gauhati Stock Exchange and registered sub-broker of ISE Securities Ltd., Member, NSE. 
 
Sunil Kumar Kayan has apparently been acting as unregistered sub-broker for clients in violation of section 12 of SEBI Act. 1992. Prima facie, he has also been carrying on illegal trades outside the recognized stock exchange, both in cash and F & O segment. Carrying of such illegal trading is detrimental to investors and securities market. Such trading seriously jeopardizes the safety and integrity of the market. Such activities are prima-facie violation of section 19 of S C (R) Act. Evidence collected so far apparently indicates that Sanjay Bansal assisted Sunil Kumar Kayan in violation of Section 12 of SEBI Act and acting in concert with Sunil Kumar Kayan had allowed Sunil Kumar Kayan to transact business in NSE in the name of Sanjay Bansal. 
 
Therefore, SEBI had passed an order under section 11 (1), 11(4) and 11 B of the SEBI Act, restraining Sunil Kumar Kayan operating under trade name Sunil Kumar Kayan & Co (INB 030668917) and Sanjay Bansal (INB 131037112 and INS231297511) from, buying, selling or dealing in securities in any manner, directly or indirectly, with immediate effect pending completion of inspection.