Warning / Suspension / Cancellation of Brokers
 
Secondary Market Department

1. The Securities and Exchange Board of India (SEBI) has warned M/s Interface Brokerage & Research Ltd. (formerly M/s Interface Capital Markets Pvt. Ltd.), member of Ahmedabad Stock Exchange (SEBI Reg. No. 020589936) for not maintaining margin deposit book, contract notes not bearing pre-printed serial numbers, not charging minimum brokerage, non reporting off-the-floor transactions and not maintaining separate clients’ Bank account. The warning has been served in terms of Sub-Regulation (3) of Regulation 29 of SEBI (Stock Brokers and Sub-Brokers) Rules & Regulations, 1992. 

2. The Securities and Exchange Board of India (SEBI) has suspended Shri Yogendra Sharma, member of Uttar Pradesh Stock Exchange (SEBI Reg. No. INB 100382516) for a period of six months. He has been suspended in terms of Sub-Regulation (3) of Regulation 29 of SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 for indulging in carry-forward transactions, misuse of debit note facility in the stock exchange, not reporting principal-to-principal transactions, spot transactions and transactions with members of other stock exchange and non-segregation of clients' fund with own funds. Shri Yogendra Sharma, member of Uttar Pradesh Stock Exchange will not be entitled to carry on the business as a Stock Broker with effect from June 01, 1999 till November 30, 1999. 

3. The Securities and Exchange Board of India (SEBI) has suspended Dr. (Mrs) Bharti Sharma, member of Magadh Stock Exchange (SEBI Reg. No. INB 150624915) for six months or till such time the broker comes forward before SEBI for the inspection of books of accounts, whichever is later. She has been suspended in terms of Sub-Regulation (3) of Regulation 29 of SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 for failing to furnish books of accounts and other documents for inspection to the SEBI Inspecting Team. Dr. (Mrs) Bharti Sharma, member of Magadh Stock Exchange will not be entitled to carry on the business as a Stock Broker with effect from May 27, 1999 till November 26, 1999 or till such time she comes forward before SEBI for the inspection of books of accounts, whichever is later. 

4. The Securities and Exchange Board of India (SEBI) has cancelled the registration of Shri A. K. Ahilan (Trade Name: M/s Priya Enterprise), member of Coimbatore Stock Exchange (SEBI Reg. No. INB 210505011) 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 observed during the inspection of books of accounts of the broker. Also, the broker has been adjudged as an insolvent by the Hon'ble Court of Madras and was declared defaulter in the Coimbatore Stock Exchange and ceased to be member of the Exchange, thereby failing to fulfill the pre-requisite of registration with SEBI. Shri A. K. Ahilan (Trade Name: M/s Priya Enterprise) will not be entitled to carry on the business as a Stock Broker with immediate effect.