SIFCL Had Surrendered The Sub-broker License Only 2 Years Ago

March 8, 2021 daknewsnetwork

SIFCL had surrendered the sub-broker license only 2 years ago. After Sebi’s order, now Sahara said that SIFCL surrendered The license 2 years ago.

Following the cancellation of the sub-broker license of Sahara India Financial Corporation Limited (SIFCL) on Wednesday by capital market regulator Sebi, now on Sunday,

Sahara India said that the company had surrendered the license two years ago. Earlier on March 3, SEBI issued an order canceling the sub-broker license of SIFCL.

The decision was taken by the regulator after testing several criteria for the company. According to SEBI, the company failed to meet the appropriate criteria.

In a statement on Sunday, the Sahara India Pariwar said, “The license was surrendered by the company on its own two years ago.”

According to the statement, the group wrote to Sebi on March 4 that on October 3, On 2018, SIFCL surrendered the sub-brokership license to IDBI Capital and it was conveyed through a letter on October 8, 2018.

The statement said, “It seems that Sebi was unaware of the voluntary surrender of the license.” The SEBI order should have said to be ‘canceled due to surrender’.

This could have avoided ambiguity and truth and true facts would have been kept in front of the public. ”

The statement further said that in a letter dated October 8, 2018, SIFCL had stated that it had not acted on the licenses issued from the beginning and that it was voluntarily surrendering both licenses.

Earlier on Wednesday, regulator SEBI said it was duty-bound to continuously monitor the intermediaries working in it to maintain the credibility of the securities market in terms of the “right and proper” entity norms.

Only Tata and SpiceJet in the race to buy Air India, remaining bids rejected.

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Sources said several bids were received at the level of expression of interest (EOI). Most of these were rejected after evaluation. The qualified bidders will be informed after the Government is satisfied with the response of the bidders.