Market regulator the Securities and Exchange Board of India (Sebi) today cancelled the registration of 20 brokers of the Bombay Stock Exchange (BSE) and Uttar Pradesh Stock Exchange (UPSE) as they failed to pay their registration fees.
"I note that the... Stock brokers have been declared defaulters by the respective stock exchanges and not readmitted within six months from the date of such declaration," Sebi said in an order.
"They have also failed to pay the required fees to Sebi. Therefore, they are liable for actions," Sebi whole-time member M S Sahoo said in the order.
The Securities and Exchange Board listed down the 20 stock brokers whose registrations were cancelled. They comprised 10 brokers each from BSE and UPSE.
Consequently, their certificates of registration as sub-brokers of subsidiaries of stock exchanges has also been cancelled, it said. The order will come into force on the expiry of 21 days from the date of the order.