PTI
Mumbai, Jul 6: Market regulator Securities and Exchange Board of India (SEBI) has suspended five stockbrokers for illegal trading through an order passed by T C Nair, a whole-time member.
The five brokers, whose certificate of registration has been cancelled with effect from July 18, 2006, are Bansal Sharevest Services Ltd. (BSSL) and its four sub-brokers -Pradeep Kumar Bansal, Rajiv Bansal, Mudit Garg and Summet Garg.
During investigations by the regulator, it was found that BSSL and its sub-brokers were involved in illegal trading and other irregularities during the period July 21-23, 2003.
The inspection of the trading during the above period revealed illegal trade executed by BSSL and its sub-brokers outside the stock exchange as well as offering illegal facilities such as smaller lot-size of trades, longer settlement periods, non-levying of service tax and transaction charges, its order stated.