According to the news, these stock brokers were not members of any recognized stock exchange. According to the Economic Times news, the names of these brokers are – Single Window Securities, Sunness Capital India, GACM Technologies and Infotech Portfolio.

Brokers will be responsible for these things

According to the news, the market regulator said in an order that all four stock brokers will also be responsible for paying any outstanding fees, dues and interest payable to SEBI. The market regulator said that the main reason for cancelling their registration is to prevent them from misusing their SEBI registration certificate without becoming a member of a recognized stock exchange.

SEBI said that these entities no longer fulfil the conditions required for stock broker registration under the Broker Regulations, 1992, which provide that stock brokers should be members of recognised stock exchanges. SEBI followed due legal procedures under the Intermediaries Regulations, 2008 before cancelling the registration of the brokers. This ensured that the process was transparent and in accordance with regulatory requirements.

They were also fined

SEBI imposed a fine of Rs 5 lakh on Anand Rathi Shares and Stock Brokers Limited for regulatory violations. According to the order passed by SEBI, the company has been directed to pay the fine within 45 days. Also, Motilal Oswal Financial Services Limited has been fined Rs 7 lakh for violating the stock broker and depository participant rules. According to the order passed by SEBI, the company has been directed to pay the fine within 45 days. SEBI recently said that it has developed a web-based portal for submission of initial and final root cause analysis (RCA) reports by stock exchanges and other market infrastructure institutions (MIIs) regarding technical glitches.

Related Articles:-

The post SEBI took action against these four stock brokers, cancelled their registration, know the reason and full details first appeared on Rightsofemployees.com.

Sahara Group founder Subrata Roy died on Tuesday at the age of 75. He was ill for a long time. He said that for SEBI this matter is about the conduct of an entity and it will continue whether any person is alive or not. On the question of refund being very less, Buch said that the money has been returned through a committee appointed by the Supreme Court on the basis of evidence of claims made by investors.

What is the matter: On September 30, 2009, Sahara Group company Prime City had filed DRHP with SEBI for IPO. In the DRHP analysis, SEBI found shortcomings in the fund raising process of real estate and housing companies.
SEBI received complaints against Sahara

On December 25, 2009 and January 2010, SEBI received complaints that both the companies were raising money through optionally fully convertible debentures. These are debt securities that allow the issuer to raise capital and in return the issuer pays interest to the investor until maturity.

Raised Rs 24,000 crore from people

SEBI came to know that the company has raised Rs 24,000 crore from 2-2.5 crore people through this. SEBI asked why Sahara did not take its permission to issue the bonds? The matter reached the Supreme Court and in 2012, the court asked Sahara to give the details of investors to SEBI and return the money with 15% interest.

Case going on till date

In 2013, Sahara sent 127 trucks loaded with documents of OFCD holders to SEBI. Were in these trucks. This caused traffic jam on the outskirts of Mumbai. On February 28, 2014, the Supreme Court had asked Subrata Roy to return Rs 24,400 crore to investors. From then till today this case is going on.

The post SEBI’s statement came on the matter related to Sahara after the death of Subrata Roy first appeared on Rightsofemployees.com.