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Sebi bans five Mumbai-based brokers

Securities and Exchange Board of India (Sebi) on January 17, 2006 banned five brokers from the securities market for alleged violations of provisions of Sebi. The regulator has suspended the certificate of registration of BSE broker Pawankumar Parmeshwarlal, for four months for alleged violation of provisions of Prohibition of Fraudulent and Unfair Trade (PFUTP) while dealing in the shares of V. B. Desai Financial Services.

Akshay S. Dalal, sub broker of BSE broker Mehta Vakil and Company has also been suspended for a period of thirty days for violating the provisions of SEBI Act, 1992, Stock Brokers and Sub Brokers Rules while dealing in V.B. Desai Financial Services shares, Sebi said in a release on January 17, 2006.

Hasmukhrai Baldev, sub broker to SKSE Securities Ltd. was suspended for a period of one month as Sebi inspection into the books of accounts and other documents of the broker found it of having violated various sections and rules of Sebi.

Devichand Hansraj Oswal, sub-broker of PSE Securities was also banned for a period of two months for similar violations. Both the orders will come into force after the expiry of 21 days since the date of the order, the release said.

Ivory Securities and Dinils Adhesives have been restrained from accessing the securities market for a period of six months for violating the provisions of SEBI PFUTP Regulations, 2003, the release added.

(The Economic Times)

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