October 18, 2004
PR No. 279/2004

Cancellation of certificate of registration of M/s Harvic Management Services Ltd, sub-broker affiliated to M/s B M Gandhi Securities Pvt. Ltd., Member of The Stock Exchange, Mumbai

Pursuant to investigations conducted in the matters of the dealing in the scrip of M/s Sawaca Business Machines Ltd. (formerly known as Sawaca Finance Ltd.) an enquiry officer was appointed to look into the possible violations of law by M/s Harvic Management Services Ltd, sub-broker bearing registration number INS010496938 affiliated to M/s B M Gandhi Securities Pvt. Ltd., stock broker of The Stock Exchange, Mumbai.
 
Subsequently, it has been concluded that M/s Harvic Management Services Ltd, having failed to check the manipulative trading of its clients violated the Code of Conduct as specified in Schedule II of Regulation 7 of SEBI (Stock Broker and Sub-Brokers) Regulation, 1992. Further that M/s Harvic Management Services Ltd., facilitated, aided and abetted his client in creation of false market thereby violating the provisions of Regulation 4(b) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market), Regulations, 1995.
 
An order has been passed on October 07, 2004 under Regulation 13(4) of the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty Regulations, 2002, canceling the certificate of registration no. INS010496938 of the sub-broker M/s Harvic Management Services Ltd, affiliated to M/s B M Gandhi Securities Pvt. Ltd., stock broker of The Stock Exchange, Mumbai. The cancellation shall come into force on the expiry of three weeks from the date of the Order. 
 
 
Mumbai
 
October 18, 2004