SAT decision on SEBI Order targeting DGP Securities

DGP Securities Ltd has announced that in terms of its two Order(s) dated October 18, 2004, the Securities & Exchange Board of India (SEBI) had ordered suspension of registration of the Company’s certificate as a Stock Broker under the provisions of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 1995.

In this regard the Company would like to inform that against the aforesaid Order of SEBI, the Company had filed two appeals with the Securities Appellate Tribunal (SAT) being appeal no. 268 of 2004 and 305 of 2004. The hearing in the matter of these appeals filed by the Company was adjourned from time to time, and the final hearing was held on August 17, 2006.

At the aforesaid hearing held on August 17, 2006, the Securities Appellate Tribunal (SAT) has given an Order for suspending the registration of the certificate of the Company as a stock broker for a period of one month starting from August 28, 2006. In this regard the Company has announced that the suspension period under aforesaid Order(s) is concurrent in respect of both the matters i.e., appeal no. 268 of 2004 and appeal no. 305 of 2004, and hence, the period of suspension will cease on September 27, 2006.

Source : Equity Bulls

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