March 11, 2004
PR No. 54/2004

SUB: ORDER PASSED BY SEBI UNDER REGULATION 25(b) OF SEBI (STOCK BROKERS AND SUB BROKERS) REGULATIONS, 1992 AND REGULATION 13(1)(b)(i) OF SEBI (PROCEDURE FOR HOLDING ENQUIRY BY ENQUIRY OFFICER AND IMPOSING PENALTY) REGULATIONS, 2002 AGAINST N.H. SECURITIES, CLASSIC SHARES AND STOCK BROKING SERVICES, TRIUMPH SECURITIES LTD, TRIUMPH INTERNATIONAL FINANCE (INDIA) LTD, V.N. PAREKH SECURITIES LTD. AND KNP SECURITIES LTD.

Pursuant to the findings of investigations conducted by SEBI in the wake of excessive volatility in the index movements of stock exchanges in India during mid February to mid March 2001, enquiry proceedings were initiated against six broking entities associated with / controlled by Shri Ketan Parekh vis. N.H.Securities Ltd., Classic Shares and Stock Broking Services Ltd, Triumph Securities Ltd, Triumph International Finance (India) Ltd, V.N. Parekh Securities Ltd and KNP Securities Ltd for conducting enquiry into their alleged violations of SEBI Act and the Regulations made there under.

The Enquiry Officer has submitted his report to the Board in respect of these brokers and recommended a penalty of cancellation of Certificate of Registration to these brokers. SEBI, after considering the Enquiry Officer's report, reply of said brokers and their written submissions, has vide order dated March 8, 2004 has cancelled the broking registration granted to N.H. Securities Ltd, Classic Shares and Stock Broking Services Ltd, Triumph Securities Ltd, V.N. Parekh Securities Ltd., and KNP Securities Ltd. SEBI had cancelled the certificate of Registration granted to Triumph International Finance (India) Ltd in its earlier order. The said order was passed against them after giving them an opportunity of hearing before the Chairman, SEBI.
 
 
Mumbai
 
March 11, 2004