SEBI cancels registrations of 4 stock brokers
( PTI )
NEW DELHI , 29 January (PTI) : Market regulators SEBI on Wednesday cancelled the registration of four stock brokers –
- Single Window Securities
- Sunness Capital India
- GACM Technologies and
- Infotech Portfolio
After they failed to meet the registration requirements .
The main reason for cancelling the registration certificate of these entities is to prevent them from misuing their SEBI registraion without being member of a recognised stock exchange , on unaware investors , the regulator said in four separate orders .
Despite the cancellation of their registration , these entities remain liable for any actions they took or failed to take as stock brokers . They are also responsible for paying any outstanding fees , dues and interest owed to SEBI.
In the order ,SEBI said that four stock brokers were granted registration subject to certain condition that they continue to be member of a recognised stock exchange .
Considering these entities are no longer members of any stock exchange , SEBI noted that these entities no longer meet the conditions required for holding a stock brokers registraion under the Broker Regulations 1992 which stipulates that stock brokers must be members of recognized stock exchanges . Since the entities are no longer holding membership of any recognised stock exchange , they no longer fulfil the conditions stipulated under Regulation 9(a) of the Broker Regulation 1992 by which by which certificate of registration was granted to them , said SEBI .
The regulator noted that these entities were expelled as members by the stock exchanges , and this information was communicated to them .
Following the proper procedures outlined in the intermediaries Regulation , 2008 ,SEBI has cancelled the registration certificates of these stock broker .
( this story has not been edited by The Vision Hub ) .