CANCELLATION/SUSPENSION OF BROKERS
 
SECONDARY MARKET DEPARTMENT

(1) The Securities and Exchange Board of India (SEBI) has cancelled the registration of M/s P. S. Securities Ltd., member of National Stock Exchange (SEBI Reg. No. INB 230825231), 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 proper books/ documents, irregularities in issuance of contract notes, not maintaining proper segregation between clients’ funds and own funds, dealing with unregistered brokers and non-redressal of investors' complaints observed during the inspection of the books of accounts of the broker. Also, the broker has surrendered its trading membership card to the Exchange. M/s P. S. Securities Ltd. will not be entitled to carry on the business as a Stock Broker with immediate effect. 

(2) The Securities and Exchange Board of India (SEBI) has suspended Shri Surendra Kumar Rungta, member of Magadh Stock Exchange (SEBI Reg. No. INB 150426511) for 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 irregularities in issuance of contract notes, for not reporting deals done on BSE and NSE to Magadh Stock Exchange, not maintaining separate clients' account and indulging in carry forward transactions. Shri Surendra Kumar Rungta, member of Magadh Stock Exchange will not be entitled to carry on the business as a Stock Broker with effect from June 10, 1999 till December 09, 1999. 

(3) The Securities and Exchange Board of India (SEBI) has suspended Shri Moti Lal Agrawal, member of Magadh Stock Exchange (SEBI Reg. No. INB 150426619) for six months or till such time the broker comes forward before SEBI for the inspection of books of accounts, whichever is later. He 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. Shri Moti Lal Agrawal, member of Magadh Stock Exchange will not be entitled to carry on the business as a Stock Broker with effect from June 17, 1999 till December 16, 1999 or till such time he comes forward before SEBI for the inspection of books of accounts, whichever is later.