October 21, 2004
PR No. 284/2004

Warning issued to M/s B M Gandhi Securities Pvt. Ltd., Member, BSE

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 B M Gandhi Securities Pvt. Ltd., stock broker of the Stock Exchange(BSE), Mumbai bearing registration number INB010984835.
 
Securities and Exchange Board of India (SEBI) has passed an Order on October 15, 2004 under Regulation 13(4) of the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, imposing a penalty of warning, directing it to be more careful in the future and exercise due care and diligence in the conduct of its affairs as a capital market intermediary and also directing him to note that any instances of violations or non-compliances of the SEBI Act and the Rules and Regulations in future shall be dealt with more stringently. 
 
 
Mumbai
 
October 21, 2004