Financial Daily from THE HINDU group of publications
Friday, Jul 23, 2004
Financial Daily from THE HINDU group of publications Friday, Jul 23, 2004 |
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Markets
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Financial Services SAT permits Integrated Enterprises to continue operations Our Bureau
Chennai , July 22 THE Securities Appellate Tribunal (SAT) has allowed Integrated Enterprises to continue its depository operations for now even as a final verdict is awaited on the SEBI's (Securities and Exchange Board of India) order to suspend the same for six months following violations. Mr S. Balasubramanian, Chief Operating Officer, told Business Line from Mumbai that he had received an order from SAT on Thursday that allowed the company to continue depository operations. A final decision on its appeal against the SEBI's ruling is expected soon. Earlier in the month, the Board had suspended Integrated's registration as a depository participant for six months starting August 2004. Its order said the company had violated the permissible custody holding, and that it had opened new accounts in violation of the SEBI's directive. Integrated subsequently approached SAT to seek redress.
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