MUMBAI, Aug 17: The National Stock Exchange (NSE) today declared four brokers as defaulters on account of their failure to fulfill their obligations, two of them for their alleged involvement in price rigging in select scrips in June 1998. The NSE has also suspended 6 members for their failure to meet the obligations to the exchange and clearing corporation.The four defaulted members are: Eden Services (promoters: Mukesh Udaykumar Udani and Vijay Udaykumar Udani) and Fiscal Ltd (formerly, Fastrack Investment Services and Commercial Advisors Pvt Ltd, promoters: Nikhil C Morsawala and Veena Morsawala), Asian Securities and Stocks Ltd (promoters: Vikram Doogar and Sanjay Doogar and Stenly Credit Capital Ltd (promoters: Ashok Kumar Jain and Anil Kumar Tulsian), the NSE release stated.
The suspended members are: Broad Line Capfin Services, Indian Seamless Securities, NCM Neha Securities, Padmini Financial, Topaz Securities and Vinitha Associates.
The NSE has declared Eden and Fastrack Investment defaultersfor not rectifying or bringing in funds to close out the company objections and stolen shares introduced by them on the exchange.
While in the case of Asian and Stenly, the NSE said these members took large buy positions in certain securities during June 1998. The difficulties faced by these members had arisen because of market-wide problem witnessed in June 1998 on account of select stocks in which the Securities and Exchange Board of India (SEBI) is currently investigating.
The NSE's decision declaring these four members defaulters came into force with affect from today (August 17).
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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