SECURITIES AND EXCHANGE BOARD OF INDIA
IN THE MATTER OF CANCELLATION OF CERTIFICATE OF REGISTRATION OF M/s. SONI SECURITIES LTD. AS STOCK BROKER OF THE NATIONAL STOCK EXCHANGE OF INDIA LTD.
1. M/s. Soni Securities Ltd. is a stock broker of the National Stock Exchange of India Ltd. (hereinafter referred to as “the Exchange”) registered with the Securities and Exchange Board of India (hereinafter referred to as “SEBI”) under Certificate of Registration No. INB230894731 dated March 19, 1997.
2. M/s. Soni Securities Ltd. has surrendered its Certificate of Registration as stock broker of the Exchange on February 5, 2004. The Exchange has approved the same w.e.f. April 1, 2004 and requested SEBI vide letter dated May 10, 2004 to cancel the registration.
3. M/s. Soni Securities Ltd. has submitted a representation dated September 16, 2004 requesting to dispense with the procedure mentioned in regulation 16 of the SEBI (Procedure for Holding Enquiry by Enquiry Officer and imposing Penalty) Regulations, 2002 (hereinafter referred to as “Enquiry Regulations”). I have considered the representation, facts of the matter and other material on record and I dispense with the procedure laid down in regulation 16 of the Enquiry Regulations.
4. It is noted that the Exchange has requested acceptance of application of M/s. Soni Securities Ltd. for surrender of Certificate of Registration as stock broker and cancellation of registration. The Exchange has confirmed that there are no complaints/arbitration/disciplinary proceedings/investigation/enquiry pending against M/s. Soni Securities Ltd. The Exchange has also confirmed that M/s. Soni Securities Ltd. is not connected with any defaulting broker of any stock exchange.
5. In view of the forgoing and in exercise of powers conferred upon me under Section 19 of the SEBI Act read with Regulation 16(5) of the Enquiry Regulations, I hereby direct that the surrender of Certificate of Registration of M/s. Soni Securities Ltd. (Registration No. INB230894731) be accepted and the said Certificate be cancelled w.e.f. 27th September, 2004.
This order shall come into effect immediately.
G A K BATRA
Date: 27th September.. 2004
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