Sebi cancels registration of LFS Broking, bans MD for 5 yrs over violations

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Sebi cancels registration of LFS Broking, bans MD for 5 yrs over violations - Business Standard

Quick Summary:

Markets regulator Sebi on Friday cancelled the registration of LFS Broking and barred its MD Saiyad Jiyajur Rahaman from being employed or associated with any registered intermediary for five years for violating market norms.

"I note that since the Noticee No.2 (Saiyad Jiyajur Rahaman) has not acted with integrity, and honesty and has not displayed ethical behaviour and fairness, he ceases to be a fit and proper person in terms of the Intermediaries Regulations," Sebi's Whole time member Kamlesh C Varshney said in the 56-page order.

The regulator also cancelled the registrations of LFS Broking as a stockbroker, portfolio manager, depository participant, and research analyst.