December 30, 1998
PR No. 353/1998

CANCELLATION OF BROKER
 
SECONDARY MARKET DEPARTMENT � DBA-I

The Securities and Exchange Board of India (SEBI) has cancelled the registration of M/s Gujarat Shares & Securities Ltd., member of National Stock Exchange (SEBI Reg. No. INB 230719834), with immediate effect. 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 various violations like not maintaining segregation between clients� funds and own funds, delay in payment to clients, not entering into agreement with the clients and not reporting off-the-floor transactions and spot transactions to the Exchange observed during the inspection of the books of accounts of the broker. 

Also, the broker has surrendered their trading membership to the Exchange. 

M/s Gujarat Shares & Securities Ltd. will not be entitled to carry on the business as a Stock Broker with immediate effect.