|
January 31, 2006
PR No.
59/2006
Certificate of registration of M/s. Kaynet Capital Ltd., suspended
for four months
Shri Madhukar, Whole Time Member, SEBI, has passed an order against M/s.Kaynet Capital Ltd. (KCL), Member of The Stock Exchange, Mumbai (BSE) under Regulation 13(4) of SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 suspending certificate of registration of KCL for a period of four months.
In the matter of Snowcem India Ltd., SEBI appointed an Enquiry Officer to enquire into the alleged violations of SEBI (Stock Broker) Regulations, SEBI (FUTP) Regulations 1995, circular SMDRP/Policy/Cir-35/98 by KCL. Enquiry officer submitted his report and observed that KCL has violated A(2), A(3) and A(4) of the code of conduct as laid down under Schedule II read with regulation 7 of Broker Regulations, provisions of Regulation 4(a) and (b) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations 1995 and SEBI Circulars No.SEBI/SMD/Cir/93/23321 dated 18.11.93 and SEBI/Policy/Cir-35/98 dated 04.12.1998. Consequently, SEBI passed the order after considering the submissions made by KCL.
The order has been passed on January 25, 2006. The order shall come into force after the expiry of three weeks from the date of the order.
Mumbai
January 31, 2006
|
