In the matter of Summary Proceedings against the Stock Brokers who defaulted in Payment of Registration Fees

1. Vide Order dated August 11, 2005 under Regulation 16(1) of the extant SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, SEBI had appointed Officers to conduct summary proceedings, inter alia, against the following nine stock brokers who had defaulted in the payment of registration fees: SL. NAME OF STOCK REGISTRATION STOCK NO. BROKERS NO. EXCHANGE 1 Anuj Mangal INB160216715 Jaipur 2 Gopal Das Garg INB160180613 Jaipur 3 Anil Kumar Kedia INB160847019 Jaipur 4 Aggrivate Investfin P. Ltd. INB160945538 Jaipur 5 Anil Sharma INB160215912 Jaipur 6 Ajay Kapur INB160203512 Jaipur 7 Arvind Kumar INB160178919 Jaipur 8 Geeta Devi Jain INB160215217 Jaipur 9 Alka Agarwal INB160839712 Jaipur 2. The Officer has submitted reports in respect of aforesaid nine stock brokers recommending suspension of certificates of registration granted to them for a period of 6 (six) months or till such time the outstanding registration fees is paid, whichever is later.

3. I have considered the recommendations of the Officer. I note that Show Cause Notices could not be delivered to the aforesaid nine stock brokers for various reasons and therefore, a public notice was issued in various newspapers on November 17, 2009 advising the said stock brokers to reply within 15 days from the date of publication of the notice. I note that the aforesaid nine stock brokers have not replied to the public notice within the stipulated time.

4. I, therefore, consider it appropriate that ends of justice would be met if the certificates of registration of the said nine stock brokers are suspended till the time the outstanding registration fees are fully paid.

5. I note that the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 have since been repealed and replaced by the SEBI (Intermediaries) Regulations, 2008.

6. In the facts and circumstances of the case, I, in exercise of the powers conferred upon me under Section 19 of the SEBI Act, 1992 read with Regulation 33B (5) and (6) of the SEBI (Intermediaries) Regulations, 2008, hereby suspend the certificates of registration of the aforesaid nine stock brokers till the time outstanding registration fees is fully paid.

7. I note that some of these stock brokers are registered as sub brokers of the subsidiaries of the Stock Exchanges in terms of Para 2 of the Circular No.SMD- II/POLICY/CIR-37/99 dated November 26, 1999. In view of the suspension as ordered in Para 6 above, their registration as sub-broker shall also remain suspended till the time outstanding registration fee is fully paid.

8. A copy of this Order shall be served on the respective Stock Exchanges of which these nine stock brokers are members and /or sub brokers for necessary action.

9. This Order shall come into force on the expiry of 21 days from the date of this Order.

DATE : March 22, 2010 M. S. SAHOO PLACE: MUMBAI WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA