Sebi suspends ASE broker

Mumbai: The Securities and Exchange Board of India (Sebi) has suspended Ashok Chinubhai Shah, a member of the Ahmedabad Stock Exchange (SEBI Registration No INB 020495716), for a period of four months for not maintaining the written consent of clients for principal-to-principal transactions, not maintaining proper segregation between clients funds and own funds, executing cross deals among clients, not reporting off-the-floor transactions, indulging in unauthorised carryforward transactions and executing fictitious transactions.

Shah will not be entitled to carry on the business as a stockbroker with effect from 7 January 2002 till 6 May 2002.