Markets regulator Sebi has cancelled the certificates of registration of Sahara India Financial Corporation Ltd as a sub-broker citing its failure to fulfil the “fit and proper” standards. The regulator had appointed a delegated authority in 2018 to investigate whether or not Sahara India Financial violated provisions of Intermediaries Regulations.
According to the designated authority’s report, contemplating the antecedents of Subrata Roy Sahara and the varied judicial pronouncements towards him and different group corporations of Sahara, it’s decided that Sahara India Financial (noticee) will not be a “fit and proper person” to proceed as a sub-broker within the securities market.
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In the 12-page order handed, Sebi Whole Time Member G Mahalingam has talked about actions taken towards sure Sahara entities in addition to in regards to the case involving Sebi and two Sahara group companies: Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL), concerning funds raised from buyers.
Important takeaways for all aggressive exams:
- Securities and Exchange Board of India Founded: 12 April 1992.
- Securities and Exchange Board of India Headquarters: Mumbai.
- Securities and Exchange Board of India Agency government: Ajay Tyagi.
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