October 21, 2004
PR No. 283/2004

Certificate of Registration of M/s Rajesh N Jhaveri, Member,Ahmedabad Stock Exchange, cancelled

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 Rajesh N Jhaveri, stock broker of The Stock Exchange, Ahmedabad, bearing registration number INB020123415.
 
Subsequently, it has been concluded that M/s Rajesh N Jhaveri having dealt as an unregistered sub-broker violated the Code of Conduct as specified in Schedule II of Regulation 7 of SEBI (Stock Brokers and Sub-Brokers) Regulation, 1992. Further that M/s Rajesh N Jhaveri 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.
 
Securities and Exchange Board of India (SEBI) has passed an Order on October 08, 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. INB020123415 of the Member, M/s Rajesh N Jhaveri. The cancellation of the certificate shall come into force on the expiry of three weeks from the date of the Order. 
 
 
Mumbai
 
October 21, 2004