May 02, 2000
PR No. 91/2000


The Securities and Exchange Board of India (SEBI) has cancelled the registration of M/s Ashoka Financial Consultants (SEBI Reg. No. INB 150424318), Shri P. D. Agrawal (SEBI Reg. No. INB 150428715) and Shri P. J. Bahadur (SEBI Reg. No. INB 150425111), members of Magadh Stock Exchange, 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. 
The brokers have been declared defaulters by the Magadh Stock Exchange for dealing and introducing tainted, stolen, fabricated and duplicate shares and ceased to be members of the Exchange, thereby failed to fulfill the pre-requisite condition of registration as brokers with SEBI. 
The Exchange has also auctioned the membership cards of the brokers. 
M/s Ashoka Financial Consultants, Shri P. D. Agrawal and Shri P. J. Bahadur will not be entitled to carry on the business as a Stock Broker with immediate effect.