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.