The National Stock Exchange (NSE) on Wednesday asked investors to file for their claims pending with brokerage firm Unicon Securities, within 3 months.
Unicon Securities had been expelled by NSE last week on charges of violating the exchange's regulations.
"The constituents of... Expelled member (Unicon Securities) are hereby advised to lodge claims, if any (in prescribed claim form) against the trading member within 3 months from the date of this notification," NSE said in a public notice on Wednesday.
Further, NSE said that "no such claims filed beyond 3 months will be entertained by the exchange against the trading member and it shall be deemed that no such claims exist against the trading member or such claims, if any, shall be deemed to have waived".
According to the bourse, the maximum compensation limit per investor if found due and payable out of the Investor Protection Fund is Rs 15 lakh.
The exchange also informed the general public that as per relevant rules, sub-brokers/authorised persons registered through Unicon Securities "ceased to exist" and as a result not authorised to deal in that capacity.
On September 5, the stock exchange had expelled Unicon Securities in terms of Rules 1 and 2 of Chapter IV of the Rules of the exchange.
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'.Source: http://businesstoday.intoday.in/
Unicon Securities had been expelled by NSE last week on charges of violating the exchange's regulations.
"The constituents of... Expelled member (Unicon Securities) are hereby advised to lodge claims, if any (in prescribed claim form) against the trading member within 3 months from the date of this notification," NSE said in a public notice on Wednesday.
Further, NSE said that "no such claims filed beyond 3 months will be entertained by the exchange against the trading member and it shall be deemed that no such claims exist against the trading member or such claims, if any, shall be deemed to have waived".
According to the bourse, the maximum compensation limit per investor if found due and payable out of the Investor Protection Fund is Rs 15 lakh.
The exchange also informed the general public that as per relevant rules, sub-brokers/authorised persons registered through Unicon Securities "ceased to exist" and as a result not authorised to deal in that capacity.
On September 5, the stock exchange had expelled Unicon Securities in terms of Rules 1 and 2 of Chapter IV of the Rules of the exchange.
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'.Source: http://businesstoday.intoday.in/
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