Order in the matter of summary proceedings against the 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, interalia, against the following 227 stock brokers who had defaulted in the payment of registration fees: SL. BROKER REGN. NO. STOCK NO. EXCHANGE 1. Arvindbhai Bababhai Patel INB020112719 Ahmedabad 2. Ashok Manilal Thakkar Securities Ltd. INB020920533 Ahmedabad 3. Galav Investment Ltd. INB020883031 Ahmedabad 4. Tushti Securities P. Ltd. INB020882933 Ahmedabad 5. Aagam Securities Pvt. Ltd. INB020917135 Ahmedabad 6. R. S. Jhunjhunwala INB080632413 Bangalore 7. M.S. Gopalkrishna INB080172011 Bangalore 8. First Securities Pvt Ltd. INB080631931 Bangalore 9. Abhinandan Apex Securities Pvt. Ltd. INB081031032 Bangalore 10. B. R. Ravindranath INB080801619 Bangalore 11. Paam Securities Ltd. INB080582930 Bangalore 12. Sanjaya Kumar Mishra INB170764911 Bhubaneshwar 13. Ashika Stocks & Securities P. Ltd. INB170831834 Bhubaneshwar 14. Thomas Mathew INB170264412 Bhubaneshwar 15. Tulsi Ram Agarwal INB170590318 Bhubaneshwar 16. Laxman Lal Mahipal INB170257516 Bhubaneshwar 17. S.N. Mohanty INB170262815 Bhubaneshwar 18. HBR Stock and Shares Limited INB170774136 Bhubaneshwar 19. Jashwant Singh INB170544010 Bhubaneshwar 20. Anil Kumar Kanodia INB170627213 Bhubaneshwar 21. Dharmendra Prasad Singh INB170255714 Bhubaneshwar 22. Dilip Kumar Patodia INB170255411 Bhubaneshwar 23. Amarjit Singh INB170692619 Bhubaneshwar 24. K. Lakshmana Rao INB170765019 Bhubaneshwar 25. T. Shanta Jagannath INB170264216 Bhubaneshwar

SL. BROKER REGN. NO. STOCK NO. EXCHANGE 26. Mahesh Kumar Agarwal INB170903716 Bhubaneshwar 27. Vijayawada Share Brokers Limited INB170951530 Bhubaneshwar 28. Aarayaa Finstock Pvt. Ltd. INB010993337 BSE 29. Shrenik Kumarpal Jhaveri INB010025816 BSE 30. Rakesh Goenka Stock Broking Private Limited INB011089837 BSE 31. Mitra Equities Pvt. Ltd. INB011055135 BSE 32. Maliram Makharia Finstock Pvt. INB010972034 BSE 33. Gangadhar Yeshwant Bhandare INB010007716 BSE 34. Jagruti Securities Ltd. INB010638332 BSE 35. Kolar Sharex Pvt. Ltd. INB011105138 BSE 36. Lalit Kumar Dwarkadas INB010013514 BSE 37. Manjeet H Gandhi INB010016619 BSE 38. Gopiram Chiripal INB030061219 Calcutta 39. Subhash Chandra Pachisia INB030075117 Calcutta 40. Sushil Kumar Maheshwari INB030075215 Calcutta 41. Titan Stock Broking Pvt Ltd. INB031051437 Calcutta 42. Murli Manohar Chandak INB030069916 Calcutta 43. Nidhi Goenka INB030039417 Calcutta 44. Ramesh Kumar Kabra INB030066919 Calcutta 45. Anandi Lal Shah INB030671111 Calcutta 46. Jai Singh Borar INB030063315 Calcutta 47. Thomas P Mathew INB090283312 Cochin 48. V. R. Surendran Nair INB090275917 Cochin 49. V. K. Sheela INB090619913 Cochin 50. Vadakekalam Joseph Mathew INB090289511 Cochin 51. Valsa Abraham INB090294614 Cochin 52. Vinod Kumar S. INB090284419 Cochin 53. Beena Jose Pallickaparampil INB090293811 Cochin 54. A & P Capital Services (P) Ltd. INB090786239 Cochin 55. Thomas John K INB090293116 Cochin 56. Kadavil Chacko Chacko INB090689414 Cochin 57. Gabin Capital Markets Ltd. INB091127838 Cochin 58. Dominic Paul Manavalan INB090621617 Cochin 59. Maliram Makharia Stock Brokers (P) Ltd. INB090779539 Cochin 60. Mayur Jadavji Manek INB090300315 Cochin 61. P. G. Hormese Tharakan INB090269414 Cochin 62. Sathya Krishan Kumar INB091027012 Cochin 63. Pioneer Securities (P) Ltd. INB090708736 Cochin 64. Ellen Venkatesalu Securities P. Ltd. INB210756038 Coimbatore 65. S. Shanthi INB210479810 Coimbatore 66. Opel Investments Pvt. Ltd. INB210774833 Coimbatore 67. Bachraj Stocks Private Limited INB210774735 Coimbatore 68. Bhansali Securities Private Limited INB210713335 Coimbatore 69. K.R. Muralidaran INB210551514 Coimbatore 70. Kamal V. Shah INB210476412 Coimbatore 71. Karpagambigai Investments Limited INB210706136 Coimbatore

SL. BROKER REGN. NO. STOCK NO. EXCHANGE 72. M.S.Chandrasekhar INB210505716 Coimbatore 73. N. Muthukumar INB210505413 Coimbatore 74. R. Aruswamy INB210505217 Coimbatore 75. Rajalakshmi Stocks & Shares (P) Ltd INB210705832 Coimbatore 76. R.M.Ranganathan INB210540310 Coimbatore 77. S. Vishwanathan INB210476617 Coimbatore 78. South Eastern Securts & Servs P. Ltd. INB210911630 Coimbatore 79. Sri Venkatram Securities (P) Ltd INB210706038 Coimbatore 80. Uthra Securities Private Limited INB210774931 Coimbatore 81. Parimal R Merchant INB210624414 Coimbatore 82. Hans Raj INB050086219 Delhi 83. Krishan Lal Tondon INB050088912 Delhi 84. Sushil Kumar Agarwal INB130331913 Gauhati 85. Varinder Dua INB160190515 Jaipur 86. Upendra Singh Rathor INB160216118 Jaipur 87. Sushil Kumar Agrawal INB160219810 Jaipur 88. Susheela Saran INB160209614 Jaipur 89. Suresh Kumar Khandelwal INB160193219 Jaipur 90. Suresh Gupta INB160842817 Jaipur 91. Rajiv Pratap Singh Rathore INB160847518 Jaipur 92. Rajesh Poddar INB160207518 Jaipur 93. Rajesh Kumar Brijwasi INB160958615 Jaipur 94. Rajendra Kumar Agarwal INB160687714 Jaipur 95. Rajendra Kr. Agarwal INB160185315 Jaipur 96. Prem Singh Lodha INB160842611 Jaipur 97. Preeti Mehta INB161179313 Jaipur 98. Prakash Chand Surana INB160207812 Jaipur 99. Pradeep Kumar Agrawal INB160846412 Jaipur 100. Pooran Mal Somani INB160181319 Jaipur 101. P D Singh INB160219712 Jaipur 102. Pankaj Kumar Gupta INB161111019 Jaipur 103. Om Prakash Thanvi INB160219017 Jaipur 104. Om Prakash Agarwal INB160847714 Jaipur 105. Nirmala Mehta INB160919712 Jaipur 106. Nirmal P. Jhunjhunwala INB160202719 Jaipur 107. Niraj Singh Rathore INB160184218 Jaipur 108. Neena Kumar INB160183914 Jaipur 109. Shree Beesat Investments Pvt. Ltd. INB160917732 Jaipur 110. Rashmi Agarwal INB160219115 Jaipur 111. Sanjiv Kumar Agarwal INB160187411 Jaipur 112. S K Bansal INB160203013 Jaipur 113. Sharad Kumar Jain INB160188312 Jaipur 114. Sara Sancheti INB160842318 Jaipur 115. Sanjay Bhansali INB160220917 Jaipur 116. Shobha Khinvasara INB160847616 Jaipur 117. Ramesh Chandra Gupta INB160191710 Jaipur

SL. BROKER REGN. NO. STOCK NO. EXCHANGE 118. Ramswaroop Agarwal INB160206010 Jaipur 119. Renu Mohla INB160186314 Jaipur 120. Shashi Gupta INB160842719 Jaipur 121. Satish Kumar Samdhani INB160220114 Jaipur 122. Sanjay Kumar Kanwatia INB160844815 Jaipur 123. Devendra Agrawal INB070157116 Madhya Pradesh 124. Asera Securities Pvt. Ltd. INB040883938 Madras 125. MB Securities Ltd. INB040633732 Madras 126. G. Ekambaram INB040137916 Madras 127. K. Sankaranarayanan INB040139610 Madras 128. P. Rajagopalan INB040128416 Madras 129. Narendra B. Bhatt INB040133019 Madras 130. Nimish A. Mehta INB040131413 Madras 131. Adi Keki Motafram INB230648513 NSEIL 132. Aki Finance & Securities Pvt. Ltd. INB230855437 NSEIL 133. Anil Kumar Sehgal INB230779219 NSEIL 134. Banhem Securities Pvt. Ltd. INB230653634 NSEIL 135. Bharat Rasayan Finance Ltd. INB230814232 NSEIL 136. Acquitor Trading & Investment Ltd. INB230642537 NSEIL 137. Drexel Securities INB230681627 NSEIL 138. HK Finance and Capitals Ltd. INB230681235 NSEIL 139. Chintpurni Securities Ltd. INB230856338 NSEIL 140. Dugar Capital Management Serv. Ltd. INB230855133 NSEIL 141. First Global Stockbroking Pvt. Ltd. INB230722136 NSEIL 142. Giltedge Credit Capital Ltd. INB230886436 NSEIL 143. Gitwako Leasing & Finance Pvt. Ltd. INB230854535 NSEIL 144. Himgiri Fincap Ltd. INB230789237 NSEIL 145. Jagruti Securities Ltd. INB230638336 NSEIL 146. Nikko Capital Pvt. Ltd. INB230753135 NSEIL 147. A. G. Shares & Securities Ltd. INB200825736 OTCEI 148. Acharya Securities Pvt. Ltd. INB200762935 OTCEI 149. Ashish Fiscal Services P. Ltd. INB200679331 OTCEI 150. Capital Services (India) Pvt. Ltd. INB200583532 OTCEI 151. Dinesh Management Serv. Pvt. Ltd INB200958136 OTCEI 152. First Securities Pvt Ltd. INB200631936 OTCEI 153. Flex Fincap Services Ltd. INB201033934 OTCEI 154. Growfast Securities & Credit Ltd. INB200864531 OTCEI 155. Jhunjhunwala Ravi. K INB200533319 OTCEI 156. Kamalfincap (P) Ltd. INB200940330 OTCEI 157. Kedia Securities & Services Pvt. Ltd. INB200893435 OTCEI 158. Kundan Leasing & Finvest (P) Ltd. INB200868537 OTCEI 159. Labdhi Sh. & Stocks Holdings P. Ltd. INB200900232 OTCEI 160. Montravia Investments Pvt. Ltd. INB200645431 OTCEI 161. N. C. Padmaja INB200147011 OTCEI 162. Narendra Kumar Jain INB200837413 OTCEI 163. National Capital Manag. (P) Ltd. INB200811632 OTCEI

SL. BROKER REGN. NO. STOCK NO. EXCHANGE 164. Neset Holdings (P) Ltd. INB200559439 OTCEI 165. North Zone Financial Services P. Ltd. INB200975736 OTCEI 166. Indian Seamless Fin. Serv. Ltd. INB200501437 OTCEI 167. Ramani K INB200609714 OTCEI 168. Rahul Share Plaza Pvt. Ltd. INB200892436 OTCEI 169. RB Capital & Finance Ltd. INB200900438 OTCEI 170. Saumya Consultants Ltd. INB200866236 OTCEI 171. Satinder Singh Bedi INB200870018 OTCEI 172. Shanta Suri INB200887716 OTCEI 173. Shamin Invt. & Trading Pvt. Ltd. INB200503435 OTCEI 174. Shell Share Brokers Pvt. Ltd. INB200695139 OTCEI 175. Shivranjani Securities Co. Pvt. Ltd. INB200818635 OTCEI 176. Sanjay Munjal INB200870116 OTCEI 177. S. B. Poddar INB200921419 OTCEI 178. Ruby Red Finance & Invest. (P) Ltd. INB200691838 OTCEI 179. RRB Master Holdings Pvt. Ltd. INB200640330 OTCEI 180. S. Raj & Company INB200610321 OTCEI 181. Sanchit Securities & Services P. Ltd. INB200900330 OTCEI 182. Sandya Narayanan INB200817716 OTCEI 183. Shashikant Vora INB200915816 OTCEI 184. Sanghi Corporate Services Ltd. INB200775834 OTCEI 185. Vasudevan Balkrishnan INB200873710 OTCEI 186. Vatsa Corporation Limited INB200504130 OTCEI 187. Vatsal Investment Pvt. Ltd. INB200898234 OTCEI 188. Videocon Industrial Finance Ltd. INB200599135 OTCEI 189. Vijailal J. Kothari INB200580214 OTCEI 190. Vijay Dhirajal Sheth INB200888617 OTCEI 191. Vijay Hemant Securities (P) Ltd. INB200807832 OTCEI 192. Vinod Aggarwal INB200609518 OTCEI 193. Vinod Lodha INB200466316 OTCEI 194. Vishesh Securities Pvt. Ltd. INB200894336 OTCEI 195. Votary Investments Private Ltd. INB200863738 OTCEI 196. Wadhwa Financial Ser. (P) Ltd. INB200929233 OTCEI 197. Y. Ramakrishna INB200914915 OTCEI 198. Y. Tirupathiiahh INB200836913 OTCEI 199. Yash Securities Pvt. Ltd. INB200897333 OTCEI 200. Yatish Narotamdas Mithani INB200873818 OTCEI 201. Yubee Cee Finance & Investment P. Ltd. INB200608939 OTCEI 202. Yashasvee & Co. INB200582123 OTCEI 203. Sibar Financial Services Private Limited INB200832436 OTCEI 204. Sikkim Investments Limited INB200947333 OTCEI 205. Srim Securities Private Limited INB200820937 OTCEI 206. Sukesh Jain Invests & Fin. Cons. Private Limited INB200962533 OTCEI 207. Suresh Kumar Gupta INB200915610 OTCEI 208. Suvigya Jain INB200889616 OTCEI 209. Raghunandan Singh INB100365611 Uttar Pradesh

SL. BROKER REGN. NO. STOCK NO. EXCHANGE 210. Gursharanjeet Singh Gandhi INB100525817 Uttar Pradesh 211. Bharat Bhushan Chawla INB100635210 Uttar Pradesh 212. Bajranglal Pareek INB100346111 Uttar Pradesh 213. Azad Kumar Rastogi INB100345719 Uttar Pradesh 214. Arun Bhartiya INB100586219 Uttar Pradesh 215. Amreshwar Kumar Tyagi INB100342017 Uttar Pradesh 216. Krishna Kumar Khandelwal INB100356512 Uttar Pradesh 217. Rakesh Kumar INB100368413 Uttar Pradesh 218. KCK Investment And Finance Pvt. Ltd. INB101035039 Uttar Pradesh 219. Prem Arora INB101040310 Uttar Pradesh 220. Manjula Bhansali INB100517815 Uttar Pradesh 221. Madan Lal INB100357619 Uttar Pradesh 222. Mayur M Parekh INB100360518 Uttar Pradesh 223. Khem Chand Paul INB100355817 Uttar Pradesh 224. Ishwar Singh INB100352918 Uttar Pradesh 225. Kailash Berry INB100354417 Uttar Pradesh 226. J. S. Capital Services Pvt. Ltd. INB101023035 Uttar Pradesh 227. Paresh Kantilal Dalal INB100637110 Uttar Pradesh 2. The Officers have submitted their reports in respect of aforesaid 227 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 Officers and agree with the same.

4. 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. 5. I, therefore, 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 227 stock brokers for a period of 6 (six) months or till the time outstanding registration fees is fully paid, whichever is later. Consequently, the certificates of registration of these stock brokers who 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, their certificates as sub brokers shall also be suspended accordingly. 6. A copy of this Order shall be served on the respective Stock Exchanges of which these 227 stock brokers are members and /or sub brokers for necessary action.

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

Date : 29.10.2009 M. S. SAHOO Place: Mumbai WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA