For full copy of order against KORP SECURITIES LTD., click here.


December 30, 2005
PR No. 181/2005

Registration of M/s. Korp Securities Ltd., Member of NSE, suspended

Securities and Exchange Board of India (SEBI) has passed an order dated December 27, 2005, suspending the certificate of registration of M/s. Korp Securities Ltd. (SEBI Reg. No.INB230905936), Member of the National Stock Exchange for a period of six months with effect from January 17, 2006. The penalty is imposed for indulging in fund based activity, dealt with un-registered sub-brokers, non maintenance of Order book, non segregation of clients funds and own funds, discrepancies in Contract Notes, delayed delivery/transfer of securities from pool account, failed to maintain "Know Your Client" (KYC) database, failed to maintained Unique Client Code, undertook Trade Transfers, Saudas are being punched in the back office, without actual transactions being carried out on the Terminal, changed the shareholding pattern in violation of Rule 4 (c) of the SEBI (Stock Brokers and Sub-brokers) Rules, 1992 etc.

M/s. Korp Securities Ltd. will not be entitled to carry on the business as a broker with effect from January 17, 2006 to July 16, 2006.


December 30, 2005