Action against Triumph International Finance (India) Limited, Triumph Securities Ltd, NH Securities Ltd., Classic Share and Stock Brokers Ltd., KNP Securities Ltd. and V N Parekh Securities Ltd.
 
Investigations, Enforcement and Surveillance Department

On the basis of preliminary investigation, orders dated April 4,2001 and April 10, 2001, were passed by SEBI against Triumph International Finance (India) Limited, Triumph Securities Ltd, NH Securities Ltd., Classic Share and Stock Brokers Ltd., KNP Securities Ltd. and V N Parekh Securities Ltd prohibiting these entities from undertaking any fresh business as Stock Brokers and Merchant Bankers pending enquiry. Post decisional hearing was given to Triumph International Finance (India) Limited, Triumph Securities Ltd, NH Securities Ltd., Classic Share and Stock Brokers Ltd. on April 16, 2001 and to KNP Securities Ltd. and V N Parekh Securities Ltd on 23/4/2001. Triumph International Finance (India) Limited attended the post decisional hearing and asked for inspection of documents. Another opportunity of hearing was given to Triumph International Finance (India) Limited after inspection. No other entity availed of opportunity of hearing. 

On hearing the representation of Triumph International Finance (India) Limited, a detailed order dated 21/6/2001 has been passed by the Board upholding its earlier orders of debarring Triumph International Finance (India) Limited, Triumph Securities Ltd, NH Securities Ltd., Classic Share and Stock Brokers Ltd., KNP Securities Ltd. and V N Parekh Securities Ltd from undertaking any fresh business as stock brokers and merchant banker. 

A separate order appointing an Enquiry Officer to enquire into the violations by Triumph International Finance (India) Limited, Triumph Securities Ltd, NH Securities Ltd., Classic Share and Stock Brokers Ltd., K.N.P Securities Ltd. and V.N. Parekh Securities Ltd. of the provisions of the SEBI Act, Rules and Regulations has been passed. The Enquiry Officer after considering the material available on the basis of investigations conducted so far and the material, which may be further supplemented, will expeditiously complete the proceedings, after following the procedure as laid down in the regulations.