DY. GENERAL MANAGER
Market Intermediaries Regulation & Supervision Dept.
Tel: 26449000 Fax: 26449019 to 26449022
MIRSD-1/BNS/184104/2009November 19, 2009
To
All Concerned Stock Exchanges
Sub: Clarification regarding Suspension Orders passed by SEBI for non-payment of fees
Dear Sir/Madam
Vide Orders No. WTM/MSS/MIRSD/11/2009 dated August 10, 2009 and WTM/MSS/MIRSD/25/2009 dated October 29, 2009, the certificates of registration of 578 and 227 stock brokers respectively were suspended for a period of 6 (six) months or till the time outstanding registration fees is fully paid by them, whichever is later.
Being aggrieved by the aforesaid orders, a few stock brokers had appealed before the Hon’ble Securities Appellate Tribunal. In one such appeal (Appeal No. 233 of 2009) dated November 16, 2009, Hon’ble SAT has modified the order qua the appellant to the effect that the said order shall not operate with effect from the date when the appellant deposits the entire amount due from it. The order of the Hon’ble SAT in this regard is enclosed.
Keeping the above in view, it has been decided that the aforesaid two orders (No. WTM/MSS/MIRSD/11/2009 dated August 10, 2009 and WTM/MSS/MIRSD/25/2009 dated October 29, 2009) shall not operate qua any other stock broker mentioned therein with effect from the date when it deposits the entire amount due from it with SEBI.
Yours faithfully,
Sd/-
B. N. SAHOO
Encl : As above