Sebi Bars 2 CSE Brokers, Scraps Registration Of Vikash Somani

Mumbai, Mar 5 | Updated: Mar 6 2004, 05:30am hrs
The Securities and Exchange Board of India (Sebi) has debarred Sanjay Khemani and N Khemani of the Calcutta Stock Exchange (CSE) from acting as stock brokers.

The market regulator has also suspended the certificate of registration of Vikash Somani Securities Pvt Ltd, a CSE member, for six months for indulging in off-market transactions and fund-based activities, a Sebi said in a release.

Earlier in two separate interim orders Sebi said that the Khemanis should not associate with securities market activities and deal in securities market till the completion of investigation.

Taking into account the period since the date of coming into effect of the interim order, Sanjay Khemani will not be entitled to carry on business as stock broker till January 20, 2005 and N Khemani will not be entitled to carry on business as stock broker till March 20, 2004.

Sebi said in another statement that Vikash Somani Securities Pvt Ltd will not be entitled to carry on business as stock broker from March 24, 2004 to September 23, 2004.