PRESS RELEASE - SEBI

  February 09, 2007
PR No. 48/2007

Order in the matter of M/s. S.K.Jindal Share Brokers Pvt. Ltd., 

Member of UPSE

Chairman, SEBI has passed an order dated February 02, 2007 against M/s. S.K.Jindal Share Brokers Pvt. Ltd., member of Uttar Pradesh Stock Exchange (UPSE) deciding that the order dated February 18, 2005 directing the Uttar Pradesh Stock Exchange Association to suspend inter alia M/s. S.K. Jindal Share Brokers Pvt. Ltd. for a period of one year requires no modification and the same shall continue to be in force.
 
SEBI had passed an order dated February 18, 2005 directing the Uttar Pradesh Stock Exchange to suspend 14 stock brokers of their exchange for carrying out illegal and unauthorised carry forward transactions at the UPSE. 
 
Being aggrieved by the order, the above broker M/s. S. K. Jindal Share Brokers Pvt. Ltd. preferred an appeal before the Hon'ble Securities Appellate Tribunal. The Tribunal vide its order dated July 06, 2006 dismissed the appeals as not maintainable. Thereafter the broker filed a Writ Petition before the Hon'ble High Court of Judicature at Allahabad against the said order of SEBI. The Hon´┐Żble High Court vide its order dated August 31, 2006 held that Rule 11 of the Securities Contract (Regulations) Rules, 1957 empowers SEBI to modify its directions and that the Petitioner (S. K. Jindal Share Brokers Pvt. Ltd.) may file a representation before SEBI and in case the Petitioner files such representation, SEBI may decide by a speaking order.
 
After examining the representation of the broker, the order was passed on February 02, 2007.
 

Mumbai

February 09, 2007


 

For full copy of order against S K JINDAL SHARE BROKERS PVT LTD. click here.