Sebi orders suspension of 227 brokers

Sebi orders suspension of 227 brokers

Sebi’s Whole Time Member M Sahoo has passed an order dated October 29, 2009 suspending the certificate of registration of 227 stock-brokers for a period of six months or till such time the outstanding registration fees is fully paid, whichever is later, said a Sebi release here.

Of the 227 stock brokers, 10 of them were from Bombay Stock Exchange, 16 from National Stock Exchange and 61 from OTCEI.  That apart, 38 brokers were from Jaipur, 19 from Uttar Pradesh, 18 from Coimbatore, 17 from Cochin, 16 from Bhubaneshwar, while six stock brokers were from Bangalore Stock Exchange (BgSE), two from Delhi Stock Exchange and one each from Gauhati and Madhya Pradesh.

Six BgSE brokers are R S Jhunjhunwala, M S Gopalkrishna, First Securities, Abhinandan Apex Securities, B R Ravindranath and Paam Securities.

Consequently, the certificates of registration of these stock brokers as sub-brokers of subsidiaries of Stock Exchanges also shall remain suspended accordingly.  This order shall comes into force on the expiry of 21 days from the date of the order, it added.

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