Sebi Revokes Registration of Four Stock Brokers

Sebi, the markets regulator, cancelled the registration of four stock brokers for failing to meet regulatory requirements. The action prevents misuse of registration, although the brokers remain accountable for past conduct and dues. This decision upholds the Broker Regulations 1992, which require brokers to be stock exchange members.

The Securities and Exchange Board of India (Sebi) has revoked the registration of four stock brokers: Single Window Securities, Sunness Capital India, GACM Technologies, and Infotech Portfolio. This action comes after the entities failed to meet registration requirements, a move aimed at protecting investors from potential fraud.

The main reason for the revocations is that these brokers were not members of a recognized stock exchange, which is a violation of the Broker Regulations 1992. Despite the cancellation, the brokers are still responsible for any actions undertaken and for settling any debts owed to Sebi.

Sebi emphasized that the revocations followed procedures outlined in the Intermediaries Regulations, 2008. This decision underscores the importance of brokers maintaining membership in a recognized stock exchange to comply with regulatory standards.

(With inputs from agencies.)