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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: VIOLATED DIRECTIVES OF SEBI WILFULLY

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1 
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FINANCIAL POWERS EXERCISED BY BROKER DIRECTORS  		RECOGNITION OF STOCK EXCHANGE WITHDRAWN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
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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