Kolar Sharex and Rajkumar Basantani’s Registration as Brokers Cancelled by SEBI for Repeated Violations of Norms
Moneylife Digital Team
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Market regulator Securities and Exchange Board of India (SEBI) has cancelled registrations of Kolar Sharex Pvt Ltd and its director Rajkumar C Basantani for repeatedly violating norms and regulations. Mr Basantani is also trading member of the National Stock Exchange (NSE).
A summary of the SEBI’s action taken report (ATR) showed that actions were initiated against them at least 12 times.
In August 2012, SEBI had suspended Mr Basantani, who was also promoter and chairman of Soundcraft Industries, for one year while brokerage firm Kolar Sharex was suspended for three months. Mr Basantani and Kolar Sharex were registered with NSE and BSE, respectively.
Markets regulator Sebi on Thursday cancelled the registration of Kolar Sharex Pvt Ltd as stock broker for violating market norms. In a separate order, Sebi said it has also cancelled the registration certificate of Rajkumar C. Basantani as stock broker, who, apart from being a director of Kolar Sharex, was also a trading member of the National Stock Exchange (NSE).
Sebi noted that Kolar Sharex was having membership of BSE and Inter Connected Stock Exchange (ICSE) before it was expelled from the exchanges in October 2014 pursuant to a decision of the disciplinary action committee (DAC) of the BSE, which had noted various irregularities by Kolar Sharex.