July 23, 1998
PR No. 199/1998

SUSPENSION OF SHRI BIPIN JAIN, MEMBER OF MAGADH 
STOCK EXCHANGE

SECONDARY MARKET DEPARTMENT

The Securities and Exchange Board of India (SEBI) has suspended Shri Bipin Jain, member of Magadh Stock Exchange (SEBI Reg. No. INB 150428216) for a period of three months with effect from July 28, 1998. He has been suspended in terms of Sub-Regulation (3) of Regulation 29 of SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 for non-maintenance of books of accounts, not reporting off-market transactions to the Exchange, delay in issuance of contract notes to clients, dealing with un-registered sub-brokers, charging brokerage in excess of the prescribed rates, non-maintenance of separate client bank account and non-fulfillment of capital adequacy requirement.
 
Shri Bipin Jain, member of Magadh Stock Exchange will not be entitled to carry on the business as a Stock Broker with effect from July 28, 1998 till October 27, 1998 or till capital adequacy requirement is fulfilled, whichever is later.