January 04, 2005
PR No. 03/2005

Registration of M/s. Saikala Associates Pvt. Ltd., suspended

Securities and Exchange Board of India (SEBI) has passed an order dated December 27, 2004, suspending the certificate of registration of M/s. Saikala Associates Pvt. Ltd. (SEBI Reg. No. INS230854734), sub-broker affiliated to HSE Securities Ltd., member of the National Stock Exchange for a period of one month with effect from January 17, 2005. The penalty is imposed for acting as an unregistered sub-broker, inadequacy in maintenance of client database, non segregation of clients fund from own funds etc.
 
M/s. Saikala Associates Pvt. Ltd. will not be entitled to carry on the business as a sub-broker with effect from January 17, 2005 to February 16, 2005.
 
 
Mumbai
 
January 04, 2005