Warning to Broker

The Securities and Exchange Board of India (SEBI) has warned M/s GCM SECURITIES LTD., member of National Stock Exchange (SEBI Reg. No INB230793439) for irregularities in issuance of contract note, not maintaining clear segregation between clients funds and own funds, not maintaining order book, delay in payment/delivery of funds/securities to clients, deficiencies in Client Registration forms, not filing FIR in respect of fake/forged shares, not obtaining written clients' consent to hold securities in pool account and delay in transferring shares to clients' account from pool 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.