October 27, 2004
PR No. 290/2004

Certificate of registration of M/s Jyotish Bhogilal Stock Brokers Pvt. Ltd, Member, Ahmedabad Stock Exchange, suspended

Securities and Exchange Board of India (SEBI) has passed an order on October 20, 2004 suspending the certificate of registration granted to M/s Jyotish Bhogilal Stock Brokers Pvt. Ltd., Member, Ahmedabad Stock Exchange for a period of six months. The order has been passed under Regulation 13(4) of the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 and shall come into force on the expiry of three weeks from the date of the Order. 
 
It has been concluded that M/s Jyotish Bhogilal Stock Brokers Pvt. Ltd, acting as an unregistered sub-broker in the scrip of Sawaca Business Machines Ltd. (formerly, Sawaca Finance Ltd.) had failed to exercise proper skill, care and diligence and thus violated clause A (2) & A (5) of the Code of Conduct as specified in Schedule II of Regulation 7 of SEBI (Stock Broker and Sub-Brokers) Regulation, 1992. Besides, M/s Jyotish Bhogilal Stock Brokers Pvt. Ltd had facilitated in price/ volume manipulation in the scrip thus violating the provisions of Regulations 4(a), (b) & (d) of the SEBI(Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations 1995.
 
 
Mumbai
 
October 27, 2004