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November 28, 1997
PR No.
145/1997
CANCELLATION OF MERCHANT BANKING REGISTRATION PRIMARY MARKET DEPARTMENT
The Securities and Exchange Board of India (SEBI) has cancelled the certificate of registration of 6 Category 1 Merchant bankers for not submitting information as prescribed by SEBI on employees involved in merchant banking activities in terms of Regulation (37(iv) read with Regulation 36(1)(ii)(a) of SEBI(Merchant Bankers) Rules and Regulations, 1992
The details are given below:
| No. |
Name |
Date of cancellation |
| 1 |
Efcon Securities Ltd. |
19.11.97 |
| 2 |
Raunaq Finance Ltd. |
19.11.97 |
| 3 |
Exx-on Financial Services Ltd. |
21.11.97 |
| 4 |
Usha Kiran Finance Ltd. |
21.11.97 |
| 5 |
Orient Fincorp Ltd. |
21.11.97 |
| 6 |
Global Portfolio Services Pvt.Ltd. |
21.11.97 |
PRESS RELEASE
The Securities and Exchange Board of India (SEBI) has suspended/disallowed 4 category 1 Merchant bankers and 1 broker from doing any underwriting business for a period of 2 years for not meeting their underwriter commitments in the public issue of Ritesh Polyesters Ltd. in terms of sub-regulation (3) of Regulation 29 of SEBI (Underwriters) Regulations, 1993 for violation of Regulation 15(3) read with regulations 25(1)(b), 26(1)(iii)(a) and (ix) of SEBI (Underwriters) Regulations, 1993.
The details are given below:
| Name |
Date of Suspension |
- First Financial Services Ltd. Cat 1 Merchant Banker
- Hindustan Stockland Ltd. Cat 1 Merchant Banker
- Marg Securities Ltd. Cat 1 Merchant Banker
- Bhagwandas Gordhandas Financial Private Ltd. Cat 1 Merchant Banker
- S.V. Vakharia Ltd. Member,The Stock Exchange,
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29.05.97
29.05.97
09.06.97
09.06.97
09.06.97 |
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