October 27, 2004
PR No. 291/2004

Certificate of registration of M/s Bijal Securities Ltd., Member, Vadodara Stock Exchange, suspended

Securities and Exchange Board of India (SEBI) has passed an order on October 19, 2004 suspending the certificate of registration granted to M/s Bijal Securities Ltd., Member, Vadodara 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 Bijal Securities 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) Regulations, 1992.
 
 
Mumbai
 
October 27, 2004