The Hindu Business Line : SEBI directs Information Tech to transfer records

THE Securities and Exchange Board of India (SEBI) has directed Information Technologies (India) Ltd, a category II share transfer agent, to transfer the records of its existing client to another agency or the client companies concerned, according to a SEBI order.

The Board had ordered an inspection of the company's books, based on an unresolved complaint. However, the inspection team could not trace the transfer agent at any of its addresses.

"It was eventually observed that the entity has been operating unsatisfactorily without even meeting minimum infrastructure requirements. The entity was also found to be not fit and proper on account of its inefficiency and impropriety. Based on investigations conducted by SEBI for alleged involvement in the price manipulation of its scrip, SEBI had debarred the entity and its promoters from accessing the capital market for a period of one year," said the order by Mr T.M. Nagarajan, Whole Time Member, SEBI. The transfer is to be effected within 21 days of the order dated June 14, 2004.

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