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 Enquiry Officers to conduct summary proceedings, interalia, against the following stock brokers who had allegedly defaulted in the payment of registration fees:

SL. STOCK BROKER REGN. NO. STOCK NO. EXCHANGE 1 VN PAREKH SECURITIES PVT. LTD. INB010998635 BOMBAY 2 TOM MATHEW K. INB090292616 COCHIN 3 THOMAS GEORGE INB090690119 COCHIN 4 TONY JOSEPH XAVIOUR INB090274516 COCHIN 5 VARGHESE DEVASSY PYNADATH INB091038316 COCHIN 6 A. S. MERCHANT INB090300217 COCHIN 7 SREEKUMARI MENON INB090520734 COCHIN 8 SPRINGFIELD SECURITIES LTD. INB090786435 COCHIN 9 SWARAN LAL AHUJA INB090688512 COCHIN 10 SWARAJ SECURITIES PVT LTD INB091052630 COCHIN 11 T. A. ANTONY INB090286417 COCHIN 12 T. GOVINDAN KUTTY NAIR INB090690315 COCHIN 13 THOMAS CHERIAN INB090679511 COCHIN 14 SURESH A. INB090283713 COCHIN 15 M. ASHOK MOOTHA INB230138915 NSE 16 SYNERGY STOCK BROKING PVT. LTD. INB200647431 OTCEI 17 TARGET MARINES & ENGINEERS (P) LTD. INB200862739 OTCEI 18 TARUN SETHIA INB200065111 OTCEI 19 TEBMA FINANCE LTD. INB200890839 OTCEI 20 TELEDATA INFORMATION PVT. .LTD. INB200584737 OTCEI 21 TIMEGUARD MGT. & FIN SERVICES LTD. INB200864238 OTCEI

SL. STOCK BROKER REGN. NO. STOCK NO. EXCHANGE 22 TINNA CAPITAL SERVICES LTD. INB200900036 OTCEI TOURISM FINANCE CORPORATION OF INDIA 23 LTD. INB200630330 OTCEI 24 TRINITY SUB-SURFACE CONS. PVT. LTD. INB200956833 OTCEI 25 U K THIAGARAJAN INB200610116 OTCEI 26 UNITED LEASNG LTD. INB200652230 OTCEI 27 V RAJENDIRAKUMAR INB200581115 OTCEI 28 VANDANA C KULKARNI INB200238617 OTCEI 29 VARUN CAPITALS LTD. INB200868332 OTCEI 30 KAILASH CHAND GARG INB190401019 VADODARA 31 JAYESH D MEHTA INB190398316 VADODARA 32 HIMANSHU JAGDISHBHAI PATEL INB190698316 VADODARA 33 HARIPRIYA CHAUDHRI INB190416318 VADODARA 34 HM DESAI SECURITIES LTD. INB190774436 VADODARA 35 ELVIS FINANCE LTD. INB190790430 VADODARA 36 DWARKESH N SHAH INB190394418 VADODARA 37 DILIPKUMAR S SHAH INB190394515 VADODARA 38 CHIDANAND SHARE & STOCK SERV. LTD. INB190928334 VADODARA 39 BLUECHIP STOCKSPIN LTD. INB190858637 VADODARA 40 BIPIN SHAH INB190393115 VADODARA 41 PANKAJ N DALAL INB190406318 VADODARA 42 PACIFIC SECURITIES LTD. INB190790537 VADODARA 43 PRASHANT B LANDGE INB190405514 VADODARA 44 SARLA NAGIN PATEL INB190468227 VADODARA 45 RAM MANKAD INB190686318 VADODARA 46 OM PRAKASH BHOLARAM INB191047118 VADODARA 47 KAMLESHBHAI KANCHANDBHAI SHAH INB191042713 VADODARA 48 MADHURIBEN B BRAHMKSHATRI INB190698414 VADODARA 49 ANIK SECURITIES & FINANCE LTD. INB190713133 VADODARA 50 BANSHIDHAR AGARWAL INB190961910 VADODARA 51 DHAN SEC. & FIN. COMPANY (P) LTD. INB190790234 VADODARA 52 JAGRUTIBEN J THAKKAR INB190934114 VADODARA 53 KEN STOCK LTD. INB190882232 VADODARA 54 ONYX CAPITAL PVT. LTD. INB191052431 VADODARA 55 PRATIMA BADANI INB190405710 VADODARA 56 RAMKISHAN DEVIDAYAL INB190407219 VADODARA

2. The Officers have submitted their reports in respect of aforesaid 56 stock brokers recommending suspension of certificates of registration granted to them till such time their outstanding registration fees are paid in full. 3. I have examined the Enquiry Reports submitted by the Officers. I find that Show Cause Notices were duly served on the stock brokers through the respective Stock Exchanges. However, none of the aforesaid stock brokers responded to the Show Cause Notices issued by the Enquiry Officers. Hence, it is clear that these stock brokers do not have any submission to make in this regard. 4. I, therefore, consider it appropriate that the ends of justice would be met if the certificates of registration of the said 56 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 56 stock brokers till the time outstanding registration fees are 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 in respect of their registrations as the stock brokers. 8. A copy of this Order shall be served on the respective Stock Exchanges of which these 56 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 8, 2010 M. S. SAHOO PLACE: MUMBAI WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA