September 25, 1998
PR No. 265/1998

SUSPENSION OF SONTHALIA & COMPANY, MEMBER, CALCUTTA STOCK EXCHANGE

I.E.S Department

During the course of investigations pertaining to sudden fall of index between the period October 1995 to January 1996, it was noticed that some brokers were indulging in unauthorised carry forward of transactions. Among others, SEBI also appointed an Enquiry Officer to enquire into these allegations in respect of M/s Sonthalia & Co., Member, Calcutta Stock Exchange. On the basis of the report submitted by the Enquiry Officer, a show cause notice was issued to the broker. 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 October 23, 1998.