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SEBI

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SEBI cancels registration of 39 stock brokers, 7 commodity brokers, 22 depository participants due to non-compliance

India Blooms News Service | @indiablooms | 31 Aug 2024, 02:00 pm

#SEBI, #StockBrokers, #CommodityBrokers, #DepositoryParticipants

Mumbai/IBNS: The Securities and Exchange Board of India (SEBI), the regulatory body for securities and commodity market in the country, on Friday (August 30) cancelled the registration of 68 market intermediaries, including 39 stock brokers, seven commodity brokers and 22 depository participants, due to non-complaints, reports said.

According to reports, capital market regulator SEBI has cancelled the registration of 39 stock brokers and seven commodity brokers after they failed to meet the registration requirements, while the registrations of 22 depository participants, who are no longer affiliated to any depository, have also been cancelled.

The market regulator stated in three separate orders that the main reason for cancelling the registration certificate of these entities, is to prevent them from misusing their SEBI registration without being an active participant of a depository or a member of a recognized stock exchange, thereby protecting unaware investors.

Despite the cancellation of their registration, these market intermediaries remain liable for any actions they took or failed to take as stock brokers or commodity brokers or depository participants.

These entities are also responsible for paying any outstanding fees, dues, and interest owed to SEBI, reports said.

SEBI, in its orders, said that 39 stock brokers and seven commodity brokers were granted registrations subject to certain conditions, including the condition that they continue to be members of a recognised stock exchange.

Considering these entities are no longer members of any stock exchange, the market regulator noted that these entities no longer meet the conditions required for holding a stock broker registration under the Broker Regulations 1992, which stipulates that stock brokers must be members of recognized stock exchanges.

SEBI also mentioned that these entities were expelled as members by the stock exchanges, and this information was communicated to them.

"Since the noticees are no longer holding membership of any recognized stock exchange, they no longer fulfil the conditions stipulated under...Broker Regulations, 1992 by which certificate of registration was granted to the noticees," SEBI stated in its order.

After following the proper procedures outlined in the Intermediaries Regulations, 2008, the Indian capital market regulator has cancelled the registration certificates of these stock brokers, as per reports.

SEBI noted that depositories had informed the regulator that their agreements with these 22 depository participants were terminated and this has been communicated to them.

"Therefore, these entities are no longer participants of any depositories and do not meet the registration requirements under the DP Regulations, 2018. Accordingly, their registration has been cancelled after following the process outlined in the Intermediaries Regulations, 2008," according to the market regulator.

SEBI also said that all these entities will have to ensure to "arrange for maintenance and preservation of records and other documents required to be maintained under the relevant regulations; redressal of investor grievances; transfer of records, funds or securities of its clients; continuity of service to its clients; and necessary actions with respect to the defaults or pending action, if any".

List of 39 stock brokers whose registrations have been cancelled:

1. Bezel Stock Brokers Private Limited
2. Reflection Investments
3. Action Financial Services (India) Ltd
4. Sumpoorna Portfolio Limited
5. Vineet Securities Pvt Ltd
6. Quantum Global Securities Limited
7. Wellindia Securities Limited
8. Vrise Securities Private Limited
9. Credential Stock Brokers Ltd
10. Aanya Commodities Pvt Ltd
11. Amber Solutions Pvt Ltd
12. Arcadia Share & Stock Brokers Private Limited
13. C.M. Goenka Stock Brokers Pvt Ltd
14. Destiny Securities Ltd
15. Bhavesh Dhirajlal Stock Broking Co Ltd
16. Enrich Fin & Securities Ltd
17. First Futures and Stocks Private Limited
18. Ganga Yamuna Finvest Private Limited
19. Gems Equities & Securities Pvt Ltd
20. Indovision Securities Limited
21. Olympia Securities Limited (Investnet Securities India Ltd)
22. Century Consultants Ltd
23. Merfin (India) Ltd
24. Micro Forex Equity & Derivatives Private Limited
25. Moneyflo Securities Private Limited
26. Mousumi Deb Roy (Goodluck Securities)
27. Orient Capital Markets Pvt Ltd
28. Orion Capital and Debt Market
29. Parikh & Shah Finvest Pvt Ltd
30. Prem Somani Share Brokers Pvt Ltd
31. Prime Broking Company (I) Limited
32. Rusoday Securities Ltd
33. Saarc Net Limited
34. Star Share & Stock Brokers Ltd
35. Unicon Securities Pvt Ltd (Unickon Securities Pvt Ltd)
36. Wealth Mantra Limited
37. Yuvraj Securities
38. Classic Share & Stock Broking Services Ltd
39. Grovalue Securities Private Limited

List of seven commodity brokers whose registrations have been cancelled:

1. Wealth Mantra Commodities Pvt Ltd
2. Sumpoorna Comtrade Private Limited
3. Chaitanya Commodities Private Limited
4. BVK Pulses Online Trading Company
5. Infonic India Financial Services Private Ltd
6. Financial Leaders Commodities

7. Wellindia Commodities Pvt Ltd

List of 22 depository participants whose registrations have been cancelled:

1. Moongipa Investments Limited
2. Aarya Equity (India) Private Limited
3. ASL Capital Holdings Private Limited
4. Atlanta Share Shopee Limited
5. Wealth Mantra Limited
6. Ideal Stock Broking Private Limited
7. PUG Securities Pvt Ltd
8. Grovalue Securities Private Limited
9. Arcadia Share and Stockbrokers Private Limited
10. Punjab and Maharashtra Co-Operative Bank Limited
11. Astitva Capital Market Private Limited
12. Amtiger Consultants Private Limited
13. First Futures and Stocks Private Limited
14. Tradenext Securities Limited
15. Click2trade Capital Limited
16. Vasanti Share Brokers Ltd
17. Max Planwealth Securities Ltd
18. Action Financial Services (India) Limited
19. Bright Shares and Stocks Private Limited
20. M G Capital Services Limited
21. Integrated Stock Broking Services Pvt Ltd
22. Rajanarayan Capital Markets Services Limited

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