Business Daily from THE HINDU group of publications
Wednesday, Nov 18, 2009
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Business Daily from THE HINDU group of publications Wednesday, Nov 18, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Markets
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Financial Services Our Bureau Mumbai, Nov. 17 Two hundred and seventy stockbrokers across the country have defaulted on payments to the regulator, a release from SEBI said. The stock brokers have 15 days to reply to SEBI’s notice which was issued on November 9. Failing this “the enquiry officers shall be constrained to proceed ex-parte and SEBI may pass appropriate orders,” the release said. The brokers are from stock exchanges such as BSE, Cochin Stock Exchange, Calcutta SE, Interconnected Stock Exchange of India, NSE and OTCEI. In the case of most of the defaulters, the interest outstanding is much higher than the outstanding principal amount owed to SEBI. The highest interest owed by any broker in the defaulter’s list is Rs 53.27 lakh. SEBI had in 2005, appointed enquiry officers to conduct summary proceedings against stock brokers for their alleged failure to pay registration fees to SEBI. More Stories on : Financial Services
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