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The firm has been expelled or declared defaulter by the stock exchanges where it was a member, for non-compliance with their rules, regulations, bye-laws and other provisions of the securities laws
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Markets regulator Sebi on Wednesday cancelled the certificate of registrations of Unickon Securities Pvt Ltd on account of violation of several market norms.
The entity is a Sebi-registered stock broker and a depository participant.
Sebi had started receiving a large number of investor complaints against the broker during January 2014.
The complaints pertained to non-payment of funds and non-delivery of securities to clients.
Given the sudden increase in the number of investor grievances filed against the entity, Sebi carried out an inspection on March 19 and March 20, 2014.
The firm has been expelled or declared defaulter by the stock exchanges where it was a member, for non-compliance with their rules, regulations, bye-laws and other provisions of the securities laws, an order noted.
'The violations established against the Noticee are serious in nature and cast aspersions on the integrity, reputation and character of the Noticee,' Sebi said.
Among others, Sebi also noted the broker no longer satisfies the 'fit and proper' criteria.
For violation of several market norms, Sebi has cancelled the certificate of registrations of the firm.
As per another order, seven individuals are facing a fine of Rs 10 lakh for manipulation of the price of Himachal Fibres Ltd's scrip and creation of misleading appearance of trading.
The fine amount has to be paid jointly and severally by the individuals.
The order follows an investigation carried out by Sebi between August 2014- October 2015.
The individuals were found to have violated Prohibition of Fraudulent and Unfair Trade Practices norms, as per an order passed on Tuesday.
(PTI)