Mar 09, 2004
Press Releases
PRESS RELEASE
March 9, 2004
PR No.51/2004
Suspension of Certificate of Registration of M/s.Shrikant G Mantri, First Custodian Fund (India) Ltd, M/s. Harvest Deal Securities
Subsequent to the Interim Order passed on 14.07.2003, the Chairman, Securities and Exchange Board of India (SEBI) has passed orders under Section 4(3) of the Securities and Exchange Board of India Act, 1992 read with Regulation 13(4) of the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 suspending the certificate of registration of M/s.Shrikant G Mantri (SGM), member of BSE (SEBI Regn.No.INB 010028216), First Custodian Fund (India) Ltd (FCFL) member of NSE (SEBI Regn.No.INB 230638130) and M/s.Harvest Deal Securities Ltd (HDSL), member of BSE (SEBI Regn. No.INB 010985237) with respect to their dealings in the case of M/s.Nedungadi Bank Ltd.
M/s.SGM has been found to have violated clauses A(1), (3) and (5) of the Code of Conduct for Stock Brokers and Regulation 6(a) and (d) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995.
M/s.FCFL has been found to have violated Clauses A(1),(3) and (5) of the Code of Conduct for Stock Brokers and Regulation 6(a) and (d) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995.
M/s.HDSL has been found to have violated Clause B(1) of the Code of Conduct for Stock Brokers laid down in Schedule II to the SEBI (Stock Broker and Sub Broker) Regulations, 1992.
Accordingly, M/s.Shrikant G Mantri, First Custodian Fund (India) Ltd and M/s.Harvest Deal Securities Ltd, will not be entitled to act as brokers for a period of 12 months ie.till 14.07.2004.
Mumbai
March 9, 2004