September 14, 2004
PR No. 225/2004

Registration of M/s. M J Patel Share & Stock Brokers Ltd., 

member of BSE, suspended

An order has been passed by Shri T.M.Nagarajan, Whole Time Member, on August 31, 2004 suspending the certificate of registration of M/s. M J Patel Share & Stock Brokers Ltd., member of The Stock Exchange, Mumbai for a period of four months. The suspension of the certificate shall come into force on expiry of three weeks from the date of the order. 
 
Pursuant to investigations conducted in the matters of the dealing in the scrip of M/s. Snowcem India Ltd., an enquiry officer was appointed to look into the possible violations of law by M/s. M J Patel Share & Stock Brokers Ltd., stock broker of The Stock Exchange, Mumbai, bearing registration number INB010989233.
 
Subsequently, it has been concluded that M/s. M J Patel Share & Stock Brokers Ltd. did not collect margins in compliance with SEBI Circular No. SMD/SED/CIR/93/23321 dated November 18, 1993 and Circular No. SMDRP/POLICY/CIR-35/98 dated December 04, 1998 and thus violated Clause A(5) of the Code of Conduct as specified in Schedule II of Regulation 7 of SEBI (Stock Broker and Sub-Brokers) Regulation, 1992 and that he has aided and abetted his clients in price manipulation in the scrip by executing orders on their behalf thereby violating the provisions of Regulation 4(a) &(b) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market), Regulations, 1995. 
  
 
Mumbai
 
September 14, 2004