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SOURCE OF INFORMATION : SECURITIES AND EXCHANGE BOARD OF INDIA WEBSITE – PRESS RELEASES/ CHAIRMAN’S AND MEMBER’S ORDERS / AO ORDERS/ SAT ORDERS/ NEWSPAPER ADS
UPDATED TILL : 21-NOV-2024

NAMES IN BROWN COLOUR
Names of entities/persons in brown colour denote that the regulatory order is not against them but their names have been mentioned only for association purposes.

STOCK EXCHANGES: PERMITTED INTERFERENCE FROM ELECTED DIRECTORS/BROKERS IN FUNCTIONING OF THE EXCHANGE

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1 
History of entity/person MANGALORE STOCK EXCHANGE LTD.  
History of entity/person ASHISH PARIKH
History of entity/person NAMITHA W.PAIS
History of entity/person T.MALLIKARJUNAPPA
  		DID NOT ADHERE TO STATED INVESTMENT POLICY/DIRECTIVES/INSTRUCTIONS/GUIDELINES OF THE EXCHANGE

DRAIN ON EXCHANGE'S RESOURCES

DID NOT RECTIFY LACUNAE IN TRADING SOFTWARE

FAILED TO APPOINT EXECUTIVE DIRECTOR AT THE EXCHANGE

HUGE GAP BETWEEN RESOURCES CURRENTLY AVAILABLE AND REQUIREMENTS IN TERMS OF MANPOWER, MATERIAL ETC, TO FUNCTION AS STOCK EXCHANGE

LAPSES IN BASIC FUNCTIONS AND INSTANCES OF NON-INITIATION OF EFFECTIVE STEPS FOR THE GENERAL FUNCTIONING AND ADMINISTRATION OF THE EXCHANGE IN TERMS OF THE PROVISIONS OF SEBI DIRECTIVES, CIRCULARS, SC(R)A AND THE SC(R)R

WEAK OPERATIONAL MANAGEMENT

MISUSE OF POSITION BY ELECTED DIRECTORS  		REJECTED APPLICATION FOR RENEWAL OF RECOGNITION AS STOCK EXCHANGE

31-AUG-2004 		SAT: APPEAL MAINTAINABLE

SAT: APPEAL DISMISSED WITH NO ORDER AS TO COSTS

SEBI VIDE ITS ORDER DATED 03/03/2014 ALLOWED THE EXIT OF MANGALORE STOCK EXCHANGE AS A STOCK EXCHANGE SUBJECT TO FULLFILMENT OF CERTAIN DIRECTIONS AS PER ORDER
2 
History of entity/person SAURASHTRA KUTCH STOCK EXCHANGE LTD.  
  FAILED TO APPOINT EXECUTIVE DIRECTOR AT THE EXCHANGE

INADEQUATE INFRASTRUCTURE FACILITIES AVAILABLE WITH THE EXCHANGE

DID NOT RECOVER DUES FROM MEMBERS

DID NOT SET UP SETTLEMENT GUARANTEE FUND

FAILED TO APPOINT CHIEF EXECUTIVE OFFICER FOR ITS SUBSIDIARY COMPANY

VIOLATED DIRECTIVES OF SEBI WILFULLY

DID NOT PROVIDE ADEQUATE FINANCIAL POWERS TO EXECUTIVE DIRECTOR

DID NOT CONDUCT HALF YEARLY INSPECTION OF SUBSIDIARY

SUBSIDIARY FAILED TO HAVE ITS OWN STAFF

DID NOT VALUATE SHARES ON VAR BASIS

FINANCIAL POWERS EXERCISED BY BROKER DIRECTORS  		RECOGNITION OF STOCK EXCHANGE WITHDRAWN

05-JUL-2007 		SAT: APPEAL FAILED AND DISMISSED WITH NO ORDER AS TO COSTS

SEBI VICE ITS ORDER DATED 05/04/2013 ORDERED SKSEL TO COMPULSORY EXIT AND DIRECTED TO A) COMPLY WITH ITS TAX OBLIGATIONS UNDER INCOME TAX ACT, 1961 B) COMPLY WITH UNDERTAKINGS GIVEN BY IT TO SEBI C) COMPLY WITH OTHER CONSEQUENTIAL CONDITIONS OF 2012 EXIT CIRCULAR AND D) CHANGE ITS NAME AND NOT TO USE THE EXPRESSION “STOCK EXCHANGE” OR ANY VARIANT OF THIS EXPRESSION IN ITS NAME AND TO AVOID ANY REPRESENTATION OF PRESENT OR PAST AFFILIATION WITH THE STOCK EXCHANGE, IN ALL MEDIA
3 
History of entity/person UTTAR PRADESH STOCK EXCHANGE ASSOCIATION LTD.  
  PERMITTED UNAUTHORISED CARRY FORWARD TRANSACTIONS

NON-COMPLIANCE OF SEBI DIRECTIVES

INTERFERENCE FROM ELECTED DIRECTORS IN FUNCTIONING OF EXCHANGE

INTERFERENCE FROM BROKERS IN FUNCTIONING OF EXCHANGE

DELAYED CONSIDERING AND REDRESSING DEFICIENCIES

BOARD MEETINGS NOT CONDUCTED AS PER RULES AND BYE-LAWS OF THE EXCHANGE

DID NOT RECTIFY LACUNAE IN TRADING SOFTWARE

DID NOT RECTIFY LACUNAE IN SETTLEMENT MECHANISM  		SUPERSEDED BOARD OF DIRECTORS/GOVERNING BOARD/COMMITTEE/COUNCIL OF MANAGEMENT

12-JUL-2002 		RESTORED ADMINISTRATION OF THE EXCHANGE TO THE BOARD OF THE EXCHANGE, RECONSTITUED IN ACCORDANCE WITH THE COMPOSITION PRESCRIBED BY SEBI

SAT: APPEAL ALLOWED TO BE WITHDRAWN AND PERMITTED TO FILE FRESH APPEAL WITHIN A PERIOD OF SIX WEEK FROM THE DATE OF THIS ORDER. NO COSTS
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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