March 04, 1998
PR No. 42/1998

SUSPENSION OF M/s Arulraj & Co.
MEMBER - BANGALORE STOCK EXCHANGE 


SECONDARY MARKET DEPT.

The Securities and Exchange Board of India (SEBI) has cancelled the registration of M/s Arulraj & Co. member of Bangalore Stock Exchange, with effect from February 26, 1998. The registration has been cancelled in terms of Sub-Regulation (3) of Regulation 29 of SEBI (Stock Brokers and Sub-Brokers) Rules & Regulations, 1992. Enquiry was initiated against the broker on the basis of violations/irregularities noticed during the course of inspection conducted by SEBI in terms of Regulation 19 of SEBI (Stock Brokers and Sub-Brokers) Rules & Regulations, 1992. Violations noticed were non maintenance of books of Accounts, irregularities in issuance of contract notes to the clients, not reporting off-market transactions, charging �gala�, indulging in carry forward transactions, delay in delivery and payment to clients and delay in redressal of investors� complaints.
 
M/s Arulraj & Co. will not be entitled to carry on the business as a Stock Broker with immediate effect.