look news india
New Delhi, August 30 (HS). Market regulator Securities and Exchange Board of India (SEBI) on Friday cancelled the registration of 39 stock brokers and 7 commodity brokers. This action has been taken against the brokers who did not fulfill the registration requirements. Along with this, SEBI today also cancelled the registration of all those 22 depository participants who are no longer associated with any depository.
In the order issued by SEBI, it has been stated that despite the cancellation of registration, all these entities (39 stock brokers, 7 commodity brokers and 22 depository participants) will be responsible for any action taken in the past as stock broker, commodity broker or depository participants. Along with this, they will also be responsible for paying any outstanding fees and interest to SEBI.
In the order issued by SEBI, it has been said that the main reason for cancelling the registration certificate of these entities is to prevent them from misusing the registration number given by SEBI without becoming an active participant of the depository or a member of a recognized stock exchange, so that no fraud can be committed with the investors. It was feared that stock brokers and commodity brokers who fail to fulfill the registration requirement can mislead investors by giving them wrong information under the guise of their registration number. That is why SEBI has canceled the registration of all these brokers and depository participants, so that no doubt remains.
The stock brokers whose registration has been cancelled by SEBI today include Quantum Global Securities, Baijal Stock Brokers, Sampoorna Portfolio, Well India Securities, Anya Commodities, Reflection Investments, Vineet Securities, Credential Stock Brokers, Arcadia Share and Stock Brokers, CM Goenka Stock Brokers and Amber Solutions. Similarly, the commodity brokers' registrations of Sampoorna Com Trade, Wealth Mantra Commodities, Chaitanya Commodities, Infonic India Financial Services, Well India Commodities, Financial Leaders Commodities and BVK Pulses Online Trading Company have been cancelled.
