PRESS RELEASE - SEBI

November 21, 2013
PR No. 110/2013

Order in the matter of MCX BIZ SOLUTIONS and its proprietor Mr. Syed Sadaq

Shri Rajeev Kumar Agarwal, Whole Time Member, SEBI has passed an ex-parte order on November 18, 2013 in the matter of MCX BIZ SOLUTIONS (MBS) and its proprietor Mr. Syed Sadaq, and issued the following directions: (a). MBS and its sole proprietor Mr. Syed Sadaq are restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner till further directions;(b). MBS and Mr. Syed Sadaq shall cease and desist from undertaking any activity in the securities market, directly or indirectly, in any manner whatsoever till further directions; (c). MBS and Mr. Syed Sadaq shall immediately withdraw and remove all advertisements, representations, literatures, brochures, materials, publications, documents, websites etc. in relation to any activity in the securities market; (d). MBS and Mr. Syed Sadaq are prohibited from mobilizing funds from the public, in whatever form, till further directions; and (e). MBS and its sole proprietor Mr. Syed Sadaq shall keep the entire money collected by them from the investors forthwith in an escrow account opened with any nationalised bank and file a report with SEBI in this regard within 7 days from the date of the Order.
 
MCX BIZ SOLUTIONS was prima facie found to have displayed a forged sub broker registration certificate on thewebsite www.mcxbizsolutions.com and interalia made other representations on the website regarding stock tips for trading, stock market, guidance on the entire investment process for both commodity and equity, best online stock trading calls, etc.

 
Mumbai

November 21, 2013


For full copy of order against MCX BIZ SOLUTIONS, click here.

For full copy of order against SYED SADAQ, click here.