SEBI | To bring the proceedings initiated to a logical conclusion-Certificate of registration fails to survive

Securities Exchange Board of India (SEBI): G Mahalingam, Whole Time Member while exercising the powers conferred under Section 19 of the Securities and Exchange Board of India Act, 1992 read with Regulation 27 of the SEBI (Intermediaries) Regulations, 2008 cancelled the certificate of registration granted Sai Soft Securities Private Limited.

In the instant case, the show cause notice alleged:

  1. Non-cooperation
  2. Non declaration of bank account
  3. Non-segregation of transactions between own and client bank account
  4. Client bank account used for purposes other than specified
  5. Non segregation of client and own securities

The Tribunal took note of the situation where the Noticee was struck off from the register of companies in terms of Section 248 of the Companies Act, 2013, which empowers the Registrar of Companies to remove the name of a company from the register of companies.

And pointed out to the fact that post the merger of USE with BSE in 2014, the Noticee had not neither applied to BSE for admission nor applied for surrender of its USE registration certificate. In view of the same, the status of the membership with USE was inactive. Therefore, cancelled the certificate of registration that was granted.[Sai Soft Securities Limited, In re, WTM/GM/NRO/NRO/12906/2021-22, decided on 11-08-2021]


Agatha Shukla, Editorial Assistant has reported this brief.

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