Markets regulator Sebi has cancelled the certificate of registration of Sahara India Financial Corporation Ltd as a sub-broker citing its failure to fulfil the “fit and proper” criteria. The regulator had appointed a designated authority in 2018 to enquire whether Sahara India Financial violated provisions of Intermediaries Regulations.
According to the designated authority’s report, considering the antecedents of Subrata Roy Sahara and the various judicial pronouncements against him and other group companies of Sahara, it is determined that Sahara India Financial (noticee) is not a “fit and proper person” to continue as a sub-broker in the securities market.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
In the 12-page order passed, Sebi Whole Time Member G Mahalingam has mentioned actions taken against certain Sahara entities as well as about the case involving Sebi and two Sahara group firms: Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL), regarding funds raised from investors.
Important takeaways for all competitive exams:
Milk, a fundamental source of nutrition and culinary inspiration, binds diverse societies worldwide through its…
Oxford Bookstores announced Bhavi Mehta as the winner of the 9th edition of the Oxford…
Shaikh Abdussalam Abdurrazzaq, the renowned Urdu litterateur and academician, popularly known by his pseudonym Salam…
In recent years, India has witnessed a significant surge in its honey production, emerging as…
Amidst the aftermath of ethnic strife and severe hailstorms, Manipur's government introduces the "School on…
Subodh Kumar (IAS), a 2010-batch Indian Administrative Service officer of Tamil Nadu cadre, has been…