{"id":245005,"date":"2021-03-05T12:15:23","date_gmt":"2021-03-05T06:45:23","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=245005"},"modified":"2021-04-02T18:40:05","modified_gmt":"2021-04-02T13:10:05","slug":"sahara","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/03\/05\/sahara\/","title":{"rendered":"SEBI | Sahara India Financial Corp. Ltd., \u201cnot fit and proper person\u201d; Sub-Broker Registration Cancelled"},"content":{"rendered":"

Securities and Exchange Board of India (SEBI):<\/strong> G. Mahalingam, (Whole Time Member) while accepting the recommendations of the Designated Authority (DA) held that the Noticee is \u201cnot a fit and proper person\u201d in terms of Regulation 7(2)(e) read with Schedule II of the Intermediaries Regulations. The Order was passed under Regulation 27(5) of the\u00a0 Intermediaries\u00a0 Regulations,\u00a0 which substituted\u00a0 Regulation \u00a028\u00a0 of the aforesaid Regulations, with effect from January 21, 2021.<\/p>\n

SEBI had appointed a DA to enquire, whether Sahara India Financial Corporation Limited violated provisions of Intermediaries Regulations. In the findings, the DA noted that considering the antecedents of Subrata Roy Sahara and the various judicial pronouncements against him and other\u00a0 Group\u00a0 Companies of\u00a0 Sahara,\u00a0 it is determined that the\u00a0 Noticee is not a \u2018fit and proper person\u2019 to continue as a\u00a0 sub-broker in the securities market. And that, Subrata Roy Sahara continues to be a substantial shareholder. Moreover, subsequent opportunities were given for a personal hearing, which were all adjourned at the noticee\u2019s request. The last opportunity was granted on 2-12-2020, which was again requested for being adjourned. The Court took note of the fact that even after the resignation no change was found in the equity\/preference holding.<\/p>\n

The remarks made by the SAT in the matter of Jermyn Capital LLC vs. SEBI\u00a0 (Order dated\u00a0 September\u00a0 6, 2006,<\/em> was referred to, which says, \u201c\u2026The framers of the Regulations have consciously given such wide powers because of their concern to keep the market clean and free from undesirable elements.\u00a0 It can take into account the financial integrity of the applicant and its competence.\u00a0 Absence of convictions or civil liabilities would be another relevant consideration which could weigh with the Board.\u00a0 Good reputation and character of the applicant is a very material consideration which must necessarily weigh in the mind of the Board in this regard.\u00a0 Reputation is what others perceive of you.\u00a0 In other words, it is the subjective opinion or impression of others about a person and that, according to the Regulations, has to be good…\u201d<\/em><\/p>\n

\u201c\u2026One bad element can, not only pollute the market but can play havoc with it which could be detrimental to the interests of the innocent investors\u2026\u201d<\/em><\/p>\n

Therefore, it was held, that Subrata\u00a0 Roy Sahara is a\u00a0 Promoter and continues to hold substantial shareholding in the Noticee and therefore, is also capable of exercising control and influence over the management of the Noticee, thereby making it not a \u2018fit and proper person\u2019 in terms of Regulation 7(2)(e) read with Schedule II of the Intermediaries Regulations, to continue to act as a sub-broker.[Sahara India Financial Corporation Limited, In Re., 2021 SCC OnLine Sebi 20<\/a>, decided on 03-03-2021]<\/p>\n","protected":false},"excerpt":{"rendered":"

Securities and Exchange Board of India (SEBI): G. Mahalingam, (Whole Time Member) while accepting the recommendations of the Designated Authority (DA) held <\/p>\n","protected":false},"author":67011,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[29785,2687,45379,11561],"class_list":["post-245005","post","type-post","status-publish","format-standard","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-law","tag-Sahara","tag-sub-broker-regulation","tag-subrata-roy"],"yoast_head":"\nSEBI | Sahara India Financial Corp. 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Thakur, CJ and Ranjan Gogoi and Dr. A.K. Sikri, JJ directed the Saharas to deposit the amount of Rs. 600 Crores before the next date of hearing i.e. 06.02.2017. 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Mahalingam (Whole Time Member), while exercising powers conferred under Section 12(3)\u00a0 read with Section 19 of the SEBI Act and Regulation 27(5) of the Intermediaries Regulations, cancelled the certificate of registration of the Alliance Intermediaries and Network Private Limited (Noticee), on account\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":104341,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/02\/06\/sahara-matter-sebi-directed-to-attach-the-subrata-roys-aamby-valley-property\/","url_meta":{"origin":245005,"position":3},"title":"Sahara Matter: SEBI directed to attach the Subrata Roy’s Aamby Valley property","author":"Prachi Bhardwaj","date":"February 6, 2017","format":false,"excerpt":"Supreme Court: Allowing SEBI to attach the properties belonging to Sahara Group, the Court directed Sahara to file a list of properties that can be put to public auction by 27.02.2017. The 3-judge bench of Dipak Misra, Ranjan Gogoi and A.K. 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Sikri, JJ said that there is no concrete proposal with Saharas for sale of the properties situated in India or abroad that may call for\u2026","rel":"","context":"In "Supreme Court"","block_context":{"text":"Supreme Court","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/supremecourt\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":125331,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/04\/17\/sahara-matter-aamby-valley-property-to-be-auctioned-subrata-roy-to-appear-before-the-court-on-27-04-2017\/","url_meta":{"origin":245005,"position":5},"title":"Sahara Matter: Aamby Valley property to be auctioned; Subrata Roy to appear before the court on 27.04.2017","author":"Prachi Bhardwaj","date":"April 17, 2017","format":false,"excerpt":"Supreme Court: The bench of Dipak Misra, Ranjan Gogoi and Dr. A.K. Sikri, JJ ordered the auction of the Aamby Valley City near Lonavala, Maharashtra due to non-payment of amount as agreed by the Sahara Group of Companies and asked the contemnors to provide all the necessary details relating to\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/11\/DSC_5487.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/11\/DSC_5487.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/11\/DSC_5487.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/11\/DSC_5487.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/11\/DSC_5487.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/11\/DSC_5487.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/245005","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67011"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=245005"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/245005\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=245005"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=245005"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=245005"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}