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.
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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.
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