Sebi Cancels Registration Of Nine Tainted CSE Brokers

Mumbai, July 30: | Updated: Jul 31 2002, 05:30am hrs
The Securities and Exchange Board of India (Sebi) has cancelled the registrations of nine brokers of the Calcutta Stock Exchange (CSE) who were found involved in the major payment crisis that gripped the exchange during March 2001 with immediate effect.

These brokers are: Ashok Kumar Poddar, Prema Poddar, Raj Kumar Poddar, Ratan Lal Poddar, Doe Jones Investments & Consultants Pvt Ltd, Arihant Exim Scrip Pvt Ltd, Tripoli Consultancy Services Pvt Ltd, Harish Chandra Biyani and Biyani Securities (P) Ltd. The registrations of these entities have been cancelled in terms of Sub-Regulation (3) of Regulation 29 of Sebi (Stock Brokers and Sub-Brokers) Rules & Regulations

(1992). These brokers were declared defaulters by CSE and not readmitted within a period of six months from the date of being declared defaulters and ceased to be members of the Exchange. Thereby, they failed to fulfil the pre-requisite condition of registration as brokers with the regulator, Sebi said in a release.

The total shortfall in the pay-in by these brokers was to the tune of Rs 101 crore during the settlement No 148-150 in March 2001.