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After Sebi order, Sahara says SIFCL surrendered sub-broker registration two years ago
On March 3, Sebi passed an order cancelling the certificate of registration of SIFCL as a sub-broker citing its failure to fulfill the fit and proper criteria.
Sahara Group chief Subrata Roy
Days after Sebi cancelled Sahara India Financial Corporation Ltd s (SIFCL) certificate of registration as a sub-broker citing non-compliance with fit and proper criteria, Sahara India on Sunday said the company had willfully surrendered the licence two years back.
On March 3, Sebi passed an order cancelling the certificate of registration of SIFCL as a sub-broker citing its failure to fulfill the fit and proper criteria.
After SEBI order, Sahara says it had willfully surrendered sub-broker licence two years back
On March 3, Sebi passed an order cancelling the certificate of registration of SIFCL as a sub-broker citing its failure to fulfill the fit and proper criteria
PTI | March 7, 2021 | Updated 17:54 IST
On March 4, the group wrote to Sebi saying that on October 3, 2018, SIFCL had surrendered the sub-brokership license to IDBI Capital
Days after Sebi cancelled Sahara India Financial Corporation Ltd s (SIFCL) certificate of registration as a sub-broker citing non-compliance with fit and proper criteria, Sahara India on Sunday said the company had willfully surrendered the licence two years back.
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Terming Sahara India Financial Corp Ltd as an entity not fit & proper , market regulator Securities and Exchange Board of India (SEBI) has cancelled registration of the Sahara group unit as sub-broker of National Stock Exchange (NSE) and BSE.
In an order, G Mahalingam, whole-time member (WTM) of SEBI, says, Subrata Roy Sahara is a promoter and continues to hold substantial shareholding in Sahara India Financial Corp and therefore, is also capable of exercising control and influence over the management of the Sahara India Financial Corp, thereby making it not a ‘fit and proper person’ in terms of Regulation 7(2)(e) read with Schedule II of the Intermediaries Regulations, to continue to act as a sub-broker.
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The Insurance Regulatory and Development Authority of India (IRDAI) has declared four promoter entities of Sahara India Life Insurance Company Ltd as not ‘fit and proper’. IRDAI has also directed these promoter entities to transfer within six months their stake to any other fit and proper promoters.
In its order issued on 30 December 2020, Dr Subhash C Khuntia, chairman of IRDAI, says, As the promoters Sahara India Financial Corporation (SIFCL), Sahara Care Ltd (SCL), Sahara India Commercial Corporation Ltd (SICCL) and Sahara Infrastructure and Housing (SIHL) are no longer found to be “fit and proper,” the shareholding by these four entities should be transferred to any other “fit and proper” promoters within a period of six months, subject to the provisions of IRDAI (Transfer of Equity Shares of Insurance Companies) Regulations, 2015.