June 18, 2004
PR No. 128/2004

Order against M/s Information Technologies (India) Ltd., Share Transfer Agent, compelling transfer of records

M/s Information Technologies (India) Ltd., a Category II share transfer agent bearing SEBI Registration No. INR000001864, has been directed to transfer the records of its existing clients to another agency or to the concerned client companies. The order has been passed by Shri. T.M. Nagarajan, Whole Time Member, on June14, 2004.
 
SEBI had earlier received a complaint against M/s Information Technologies (India) Ltd. The entity was advised to resolve the complaint but it failed to do so. As a consequence SEBI ordered an inspection of the books of the entity. However the inspection team could not trace the entity at the various addresses available with SEBI. It was eventually observed that the entity has been operating unsatisfactorily without even meeting minimum infrastructure requirements. The entity was also found to be not fit and proper on account of its inefficiency and impropriety. Based on investigations conducted by SEBI for alleged involvement in the price manipulation of its scrip, SEBI had debarred the entity and its promoters from accessing the capital market for a period of one year. 
 
Considering the above and in exercise of powers conferred upon Sections 11, 11B and 19 of SEBI Act, 1992, Shri. T.M. Nagarajan, Whole Time Member directed the entity to transfer the records of its existing clients to another share transfer agent or to the concerned companies within 21 days of the date of the order.