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Parsoli chief alleges ‘harassment’ by SEBI

A couple of days after the Securities and Exchange Board of India (SEBI) cancelled Ahmedabad-based Parsoli Corporation’s registration as a stock broker

Written by Express News Service | Ahmedabad |
August 3, 2013 3:07:56 am

A couple of days after the Securities and Exchange Board of India (SEBI) cancelled Ahmedabad-based Parsoli Corporation’s registration as a stock broker,the CEO of the firm,Zafar Sareshwala,claimed on Friday that his company had exited the “stock-broking business” way back in 2010 and described the SEBI’s move as a “classic case of harassment”.

“We have been in the stock-broking business since 1989 and we voluntarily decided to exit the business in 2010 when the company undertook the last transaction. Since then we have not been in the stock-broking business,” said Sareshwala,claiming that SEBI had targeted his company because it was a Muslim firm and had proposed to bring in “Islamic financing”.

SEBI on July 31 had cancelled the certificates granted to Parsoli Corporation as a stock broker on both the National Stock Exchange and Bombay Stock Exchange. SEBI had observed that Parsoli was not “fit and proper” and was “repeatedly found guilty of violating securities laws on more than one occasion” and allowing the company to function in the market “will seriously prejudice the interest of investors and the safety and integrity of the securities market”.

Sareshwala said that his company had also surrendered the terminals,V-SAT set up and the leased lines to the stock exchanges and had written to SEBI in December 2011 to refund the company’s security deposit. “With this order,SEBI is trying to hand a person who is already dead,” he added. The recent order of SEBI was related to alleged violations of broker norms by Parsoli.

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