December 12, 1997
PR No. 159/1997

SUSPENSION OF SHRI LOKNATH SARAF MEMBER, CALCUTTA STOCK EXCHANGE
Investigation Enforcement And Surveillance Dept.

SEBI conducted enquiries about the fall of index between the period October 1995 to January 1996. During the course of investigations, it was noticed that some of the brokers of Calcutta and Pune Stock Exchanges were indulging in unauthorised carry forward of transactions and consequent depression of prices. Among others, SEBI also appointed an Enquiry Officer to enquire into these allegations in respect of Shri Loknath Saraf, member, Calcutta Stock Exchange. On the basis of the report submitted by the Enquiry Officer, SEBI issued a show cause notice to Shri Loknath Saraf. After considering the reply to the show cause notice and the submissions made, SEBI has considered him guilty of violating the SEBI Act, 1992 and the SEBI (Stock Brokers and Sub Brokers) Regulations, 1992 and has passed the order suspending him for a period of three months. The suspension orders shall come into effect from December 12, 1997.