BSE expels Parsoli Corp as trading member

Registration of the brokerage firm was also cancelled by the NSE in Sept, last year

BSE today expelled brokerage firm Parsoli Corporation as a trading member of the stock exchange for alleged violations of securities market norms.

The registration of the brokerage firm was also cancelled by the NSE in September, last year.

"Members of the Exchange are hereby informed that as provided under the Rules, Bye-laws and Regulations of the Exchange, Parsoli Corporation Ltd, a corporate trading member of the exchange has been expelled with effect from March 12, 2014...," BSE said in a circular today.

In July, 2013, Securities and Exchange Board of India (Sebi) had ordered cancelling of Parsoli's broker registration as it had found not to be a fit and proper person to act as an intermediary in the country's stock market.

"If the applicant is allowed to continue in the market, even after it has been repeatedly found guilty of violating securities laws on more than one occasion, it will seriously prejudice the interest of investors and the safety and integrity of the securities market," the Sebi had order said.

In 2010, Sebi had passed order against Parsoli and its directors after prima facie finding that the firm's promoters had transferred the shares to themselves in a fraudulent manner from the shareholders, among others.

Their appeal against Sebi order was rejected by the Securities Appellate Tribunal.