PRESS RELEASE - SEBI

August 13, 1997
PR No. 92/1997

SEBI SUSPENDS BROKERS OF PUNE STOCK EXCHANGE FOR INDULGING IN CARRY FORWARD TRANSACTIONS
INVESTIGATION ENFORCEMENT AND SURVEILLANCE DEPARTMENT

SEBI had conducted enquiries about the fall of index between the period October 1995 to January 1996. During the course of the investigations, it was noticed that many of the brokers of Pune Stock Exchange were indulging in unauthorised carry forward of transactions and consequent depression of prices. Accordingly, SEBI appointed an Enquiry Officer to enquire into these allegations. On the basis of the report submitted by the Enquiry Officer, SEBI issued show cause notice to the various brokers. After considering their reply and the submissions made during the course of the personal hearing, SEBI has considered them guilty of violating the SEBI Act, 1992, and the SEBI (Stock Brokers and Sub-brokers ) Regulations, 1992, and has passed the penal orders as mentioned against their names. The suspension orders shall come into effect from September 1, 1997.
 

SR NO

ORDERS UNDER REGULATION 29(3) OF THE SEBI (STOCK BROKERS & SUB-BROKERS) REGULATIONS, 1992 IN CASE OF:

PENALTY

1

M/s. Mangal Jain

Cancellation

2

M/s. Pratik Investments

Suspension of Registration for a period of one year

3

M/s. Janhavi Securities (P) Ltd.

Suspension of Registration for a period of one year

4

M/s. H. A. Shah

Suspension of Registration for a period of three months

5

M/s. Bindu Patni

Suspension of Registration for a period of three months

6

M/s. Elite Securities

Suspension of Registration for a period of three months

7

M/s. RBM Investments

Suspension of Registration for a period of three months

8

M/s. Mayfair Investment & Consultancy Services

Suspension of Registration for a period of three months

9

M/s. Rajesh A. Parikh

Suspension of Registration for a period of three months

10

M/s. Clever Investment & Securities Pvt. Ltd.

Suspension of Registration for a period of three months

11

M/s. S. T. Shah

Suspension of Registration for a period of three months

12

M/s. Rachna Consultants

Suspension of Registration for a period of three months

13

M/s. Kunal Securities Pvt. Ltd.

Suspension of Registration for a period of three months

14

M/s. Prabodh Arthwardhini Pvt. Ltd.

Suspension of Registration for a period of three months

15

M/s. Paresh Mehta

Suspension of Registration for a period of three months

16

M/s. Vardi Rathod

Suspension of Registration for a period of three months

17

M/s. Jitendra Wagh

Suspension of Registration for a period of three months

18

M/s. Rajesh Kasat

Suspension of Registration for a period of three months

19

M/s. Rajendra Daga

Warning

20

M/s. Mayur Investments

Warning

21

M/s. Bhojwani Securities

Warning

22

M/s. J. P. Surana

Warning

23

M/s. Devi Investments

Warning