PRESS RELEASE - SEBI

June 26, 1998
PR No. 166/1998

Suspension of Members of Delhi Stock Exchange

Secondary Market Dept.

 

  1. M/s ABS Share & Stock Brokers Ltd. (Formerly M/s B. S. Lakhotia & Co.)

  2. M/s H. B. RELAN & Co.,

The Securities and Exchange Board of India (SEBI) has suspended M/s ABS Share & Stock Brokers Ltd. (Formerly M/s B. S. Lakhotia & Co.), member of Delhi Stock Exchange, for a period of one month with effect from July 6, 1998. The broker has been suspended in terms of Sub-Regulation (3) of Regulation 29 of SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 for not reporting off-market transactions to the Exchange, dealing with un-registered sub-brokers, delay in deliveries of securities to the clients, non-redressal of clients´┐Ż complaints, not maintaining clients´┐Ż account, delay in rectification of bad deliveries, leaving blank bills in the bill Book and misutilisation of Stock Exchange mechanism. 
 
M/s ABS Share & Stock Brokers Ltd. (Formerly M/s B. S. Lakhotia & Co.), member of Delhi Stock Exchange will not be entitled to carry on the business as a Stock Broker with effect from 6th July, 1998 till 5th August , 1998. 
 
The Securities and Exchange Board of India (SEBI) has suspended M/s H. B. RELAN & Co., member of Delhi Stock Exchange, for a period of one month with effect from June 29, 1998. M/s H. B. RELAN & Co., member of Delhi Stock Exchange have been suspended in terms of Sub-Regulation (3) of Regulation 29 of SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 for not reporting off-market transactions to the Exchange, indulging in gala and failure to rectify bad deliveries of clients. 
 
M/s H. B. RELAN & Co., member of Delhi Stock Exchange will not be entitled to carry on the business as a Stock Broker with effect from 29th June 1998 till 28th July, 1998. 
 
 
SMD 
 
June 26, 1998