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The Securities and Exchange Board of India (Sebi) on Friday cancelled the registration of 39 stock brokers and seven commodity brokers for failing to comply with the registration requirements. Additionally, the regulator also cancelled the registration of 22 depository participants who are no longer associated with any depository. “The primary reason for cancellation of registration certificate of these entities is to prevent them from misusing their SEBI registration without being an active participant of a depository or a member of a recognised stock exchange, thereby protecting unwitting investors,” Sebi said in three separate orders.
Registration of these stock brokers was canceled
Despite the cancellation of registration, these entities are liable for any action taken as stock brokers or commodity brokers or ‘depository’ participants. They are also liable to pay any outstanding fees, dues and interest payable to SEBI. SEBI said in its order that 39 stock brokers and seven commodity brokers were granted registration under certain conditions. This included the condition that they would remain members of a recognized stock exchange. The 39 stock brokers whose registration has been cancelled include Bezel Stock Brokers, Reflection Investments, Sampoorna Portfolio, Vineet Securities, Quantum Global Securities, Velindia Securities, Wrise Securities, Credential Stock Brokers, Anya Commodities, Amber Solutions, Arcadia Share & Stock Brokers and C.M. Goenka Stock Brokers, Destiny Securities.
Registration of these commodity brokers was canceled
Wealth Mantra Commodities, Sampoorna Comtrade, Chaitanya Commodities, BVK Pulses Online Trading Company, Infonic India Financial Services, Financial Leaders Commodities and Velindia Commodities are the seven commodity brokers whose registrations were cancelled. Integrated Stock Broking Services, Moongipa Investments, ASL Capital Holdings, Atlanta Share Shoppe, Wealth Mantra, Punjab & Maharashtra Co-operative Bank, Max PlanWealth Securities, Bright Shares & Stocks are among the 22 entities whose registrations as ‘depository’ participants have been cancelled.
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