October 21, 2004
PR No. 285/2004

Warning issued to M/s Joindre Capital Services 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 Joindre Capital Services Ltd, stock broker of The Stock Exchange, Mumbai bearing registration number INB011107555.
 
Subsequently, it has been concluded that the member failed to exercise due skill and diligence in their role as a broker by failing to notice its client was acting a sub-broker and was thus guilty of violating Clause A (2) of the Code of Conduct as specified in Schedule II of Regulation 7 of SEBI (Stock Broker and Sub-Brokers) Regulation, 1992. 
 
Securities and Exchange Board of India (SEBI) has passed an Order on October 07, 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, and also directing him to note that any instances of violations or non-compliances in the future shall be dealt with more stringently. 
 
 
Mumbai
 
October 21, 2004