PRESS RELEASE - SEBI

March 05, 2015
PR No. 051/2015

Order in the matter of MCX Biz Solutions and its proprietor Mr. Syed Sadaq

Shri Rajeev Kumar Agarwal, Whole Time Member, SEBI passed a confirmatory order on February 27, 2015 in the matter of MCX Biz Solutions (MBS) and its proprietor Mr. Syed Sadaq, and confirmed the following directions issued against MBS and Mr. Syed Sadaq vide ad interim ex-parte order dated November 18, 2013:
 
(a) restrained the entities from accessing the securities market and further prohibiting from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner till further directions;
 
(b) to cease and desist from undertaking any activity in the securities market, directly or indirectly, in any manner whatsoever till further directions;
 
(c) to immediately withdraw and remove all advertisements, representations, literatures, brochures, materials, publications, documents, websites, etc. in relation to any activity in the securities market;
 
(d) prohibited them from mobilizing funds from the public, in whatever form, till further directions; and
 
(e) keep the entire money collected by them from the investors forthwith in an escrow account opened with any nationalized bank and file a report with SEBI in this regard within 7 days from the date of the order.


Mumbai
 
March 05, 2015


 

For full copy of order against MCX BIZ SOLUTIONS AND MR. SYED SADAQ click here.