National Stock Exchange (NSE) today expelled brokerage firm Unicon Securities for violating rules of the bourse.
Besides, NSE barred various authorised persons of Unicon Securities and sub-brokers of the brokerage house from dealing in that capacity.
"All members are hereby informed that the...Trading member (Unicon Securities) has been expelled by the exchange in terms of Rules 1 and 2 of Chapter IV of the Rules of the Exchange," NSE said in a circular.
As per the exchange rule, Chapter IV relates to disciplinary proceedings, penalties, suspension and expulsion.
Under this Chapter, first rule pertains to 'disciplinary jurisdiction' while the second one deals with 'penalties for misconduct, unbusinesslike conduct and unprofessional conduct'.
According to sources, the complaints were mainly related to non-resolution of investor grievances.
As the next step, the exchange would be issuing a public notice about its move.
"...The authorised persons (324) and sub-brokers (65) registered with the Sebi through the trading member, Unicon Securities Pvt Ltd are not authorised henceforth to deal in that capacity," it added.
