September 24, 2004
PR No. 250/2004

Shri D.K.Nahata and Shri M.K.Nahata, Directors of M/s.Suraj Securities and Finance Ltd., debarred from accessing the capital market

The Securities and Exchange Board of India (SEBI) has passed an order on September 6, 2004 debarring Shri D.K.Nahata and Shri M.K.Nahata, Directors of M/s. Suraj Securities and Finance Ltd. (SSFL) from accessing the securities market and associating themselves with the securities market by buying, selling or otherwise dealing in the securities in any manner whatsoever for a period of five years. This order has been passed by exercising powers under Section 19 read with Section 11 (4) (b) and 11B of the SEBI Act, read with Regulation 11 of SEBI (Prohibition of Unfair Trade Practices) Regulations. This order has come into effect immediately.
 
It has been found that the terms of the prospectus related to the public issue of M/s. Brahaspati Financiers Ltd. (BFL) and the SEBI guidelines were contravened to the detriment of the investing public. Shri D.K.Nahata and Shri M.K.Nahata, the main Executive Directors who were managing the affairs of SSFL, the Lead Manager to the issue of BFL did not exercise due skill, diligence and care. SSFL has been earlier debarred form accessing and associating with the capital market for a period of five years.
 
 
Mumbai
 
September 24, 2004