June 25, 2004
PR No. 134/2004

Application of M/s. Mangal Keshav Securities Ltd.,
 
for registration as a portfolio manager, rejected

The application submitted by M/s Mangal Keshav Securities Ltd. for registration as a portfolio manager has been rejected by Shri. T.M. Nagarajan, Whole Time Member, SEBI vide order dated June18, 2004. 

SEBI is of the considered opinion that in view of several disciplinary actions taken / initiated by SEBI against the applicant as a stock broker, it has to be examined under appropriate proceedings, whether the applicant is a fit and proper person to continue as a broker. Since, till such time it would not be in the interest of investors and orderly development of securities market to grant the applicant registration as a portfolio manager, SEBI passed the order rejecting the application by M/s Mangal Keshav Securities Ltd. for grant of certificate of registration as a portfolio manager.
 
 
Mumbai

June 25, 2004