Order 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, interalia, against the following 11 stock brokers who had allegedly defaulted in the payment of registration fees:

SL. NAME OF STOCK BROKER REGISTRATION STOCK NO. NO. EXCHANGE 1. Classic Shares & Stock Broking Services INB010652132 BSE Ltd. 2. Ramawatar Poddar INB230268915 NSE 3. Vinitha Associates Pvt. Ltd. INB230754535 NSE 4. Anand Jitendra Divan INB110238215 Pune 5. R.P. Chandak INB110250311 Pune 6. Nikhil Jawaharlal Nagori INB110796510 Pune 7. Amin Mulani INB110973416 Pune 8. Gulab D Hiranandani INB110975110 Pune 9. Premier Financial Consultants Pvt. Ltd. INB111021730 Pune 10. Mitra Stocks Options Pvt. Ltd. INB111028339 Pune 11. Sanjeev P. Kapur INB111182219 Pune

2. The Officers have submitted their reports in respect of the aforesaid 11 stock brokers recommending cancellation of their certificates of registration as the said stock brokers have not paid the outstanding SEBI fees.

3. I have examined the reports submitted by the Officers. I note that the show cause notices have been delivered to the said 11 stock brokers. However, the said 11 stock brokers have neither replied to the show cause notices issued to them nor have they cleared the outstanding SEBI dues as on March 31, 2010.

4. I, therefore, consider it appropriate that the ends of justice would be met if the certificates of registration of the said 11 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that the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 have since been repealed and replaced by the SEBI (Intermediaries) Regulations, 2008.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 11 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 registration as stock brokers.

8. A copy of this Order shall be served on the respective Stock Exchanges of which these 11 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 : April 09, 2010 M. S. SAHOO PLACE: MUMBAI WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA

WTM/MSS /MIRSD/47/2010 SECURITIES AND EXCHANGE BOARD OF INDIA, MUMBAI ORDER UNDER REGULATION 33A AND 33B OF THE SEBI (INTERMEDIARIES) REGULATIONS, 2008

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, interalia, against the following 3 stock brokers who had defaulted in the payment of registration fees:

SL. NAME OF STOCK BROKER REGISTRATION STOCK NO. NO. EXCHANGE 1. Arunima Investment Pvt Ltd. INB230898933 NSE 2. Capital Consortium Secu.(P) Ltd. INB230751930 NSE 3. HBR Stock & Shares Ltd. INB230774134 NSE

2. The said Officers have submitted their reports in respect of the aforesaid 3 stock brokers recommending that the certificates of registration of these stock brokers be suspended for a period of six months or till the time the brokers pay the outstanding dues.

3. I have considered the recommendations of the Officers. I, however, find that the said stock brokers have surrendered their membership in 1997 and hence are no longer registered as stock brokers.

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 dispose of the proceedings initiated vide Order dated August 11, 2005 against the aforesaid 3 stock brokers as these have become infructuous on account of surrender of their certificates of registration.

6. A copy of the Order shall be served on the stock exchanges of which these 3 stock brokers were members.

7. This Order shall come into force with immediate effect.

DATE: April 09, 2010 M. S. SAHOO PLACE: MUMBAI WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA