Sebi cancels registration of stock broker Royal International Shares

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Published: February 28, 2020 6:58 PM

In addition, the broker failed to submit net worth certificates and audited annual accounts to the BSE for the period ended March 31, 2013 and also failed to take adequate steps to redress the grievances of investors within the stipulated time.

Sebi noted that the BSE and NSE have taken action against the broker and have also declared the broker a defaulter with effect from April 2017.Sebi noted that the BSE and NSE have taken action against the broker and have also declared the broker a defaulter with effect from April 2017.

Regulator Sebi on Friday cancelled the registration of stock broker Royal International Shares Pvt Ltd for violating broker regulations.

The Securities and Exchange Board of India noted that the broker failed to fulfil the eligibility criteria to be a member of the NSE on account of vacant position of one designated director and did not cooperate in the inspection carried out by the regulator and the NSE.

In addition, the broker failed to submit net worth certificates and audited annual accounts to the BSE for the period ended March 31, 2013 and also failed to take adequate steps to redress the grievances of investors within the stipulated time.

Sebi noted that the BSE and NSE have taken action against the broker and have also declared the broker a defaulter with effect from April 2017.

“The Noticee has violated the rules, regulations and bye-laws of the stock exchanges, failed to take adequate steps for redressal of investor grievances, and failed to abide by the code of conduct prescribed under Schedule II of the Broker Regulations…the Noticee has failed to abide by the provisions of securities laws and thereby failed to meet the conditions of the certificate of registration prescribed under the Intermediaries Regulations,” Sebi said.

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