SEBI Revoked Registration License Of Sub-Broker Of SIFC

SEBI revoked the registration license of Sub-Broker of Sahara India Financial Corporation.

Capital market regulator Sebi on Wednesday revoked the license of sub-broker of Sahara India Financial Corporation Limited. The regulator took this decision after testing several criteria for the company.

The regulator had asked a special officer in the year 2018 to investigate whether Sahara India Financial had violated the regulations set up by the middlemen.

This investigation report stated that Subrata Roy is not an appropriate entity to act as a sub-broker in view of Sahara’s past actions and judicial decisions against his companies.

SEBI has stated in its order that Subrata Roy is a major shareholder in the company.

The regulator has also stated that it is its duty to continuously monitor the intermediaries working in it to maintain the credibility of the securities market in terms of the “normative and appropriate” unit value criteria.

According to the order, “a large shareholder of the company (Sahara India Financial), taken under SEBI notice for its responsibility to monitor the securities market and safeguard the interests of investors.

In view of the actions and cases taken against the promoter” Can not take this thing lightly.

In this order passed 12-page Sebi, the full-time member of the regulator G. Mahalingam said that he fully agreed with the conclusion of the investigating officer.

The conclusion that the company taken under notice is not a ‘true and truthful’ entity as per the rules relating to units that do the business of intermediaries in the market.

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