Market regulator SEBI barred one Reena Bansal from dealing in the capital market and accused her of violating norms by acting as an unregistered sub-broker.”…restrain Reena Bansal from buying, selling or dealing in the securities market in any manner whatsoever or accessing the securities market, directly or indirectly, either for herself or for her clients or clients of Rajeev Bansal,” SEBI said in an order.
“SEBI came across media reports on March 30, 2011 that Mr. Rajeev Bansal, a sub-broker affiliated to ICICI Securities Limited (I-Sec), stock broker of National Stock Exchange of India Limited (NSE) and Bombay Stock Exchange Limited (BSE) and his wife Reena Bansal have allegedly defrauded some investors,” it said.
“In view of the said reports, SEBI sought and obtained details of transactions by Bansals from NSE, BSE, NSDL, CDSL and I-Sec,” it said.
From the analysis of the said information, SEBI formed a prima facie view that Reena Bansal was acting as an unregistered sub-broker,” the order said.
The regulator said she dealt in the securities on behalf of clients without obtaining registration from SEBI and thus acted as an unregistered sub-broker, and her activities were detrimental to the safety and integrity of the securities market and interests of investors.
Moreover, SEBI directed the depositories NSDL (National Securities Depository Ltd) and CDSL (Central Depository Services Ltd) to not give effect to any debit instruction in demat accounts of any beneficial owner on the authority of power of attorney obtained by her or Rajeev Bansal.