Sebi closes recovery proceedings against broker

Capital market regulator Sebi has closed recovery proceedings against A G Shares and Securities as the watchdog recovered more than Rs 17.97 lakh pending dues from the stock broker.
The regulator had last week ordered attachment of deposit money held by A G Shares and Securities with the National Stock Exchange (NSE) to recover pending dues.
A G Shares and Securities had more than Rs 17.97 lakh outstanding turnover fees due to Sebi, as a member of the UP Stock Exchange.
While the entity did not pay the fee, Sebi found that it was a registered member of the National Stock Exchange (NSE).

In an order today, Sebi said that "NSE in compliance with the attachment proceeding has remitted a sum of Rs 17.97 lakh to Sebi vide demand draft ... Dated June 20, 2014, drawn on HDFC bank".
"Since the entire dues of the defaulter are recovered the ... Recovery certificate against the defualter is closed," it added.

In a separate order dated June 25, Sebi directed defreezing of bank accounts, lockers and demat account of one Hirji Kanji Patel as the regulator recovered the pending dues of Rs 3.93 lakh.
Sebi said it had "recovered an amount of Rs 3,93,239 which includes interest and costs, through sale of shares held in demat accounts of the defaulter against full and final settlement of demand raised in...Recovery certificate".

Accordingly, Sebi has directed various banks and the depositories -- NSDL and CDSL -- "to release the bank accounts/lockers and demat accounts of the defualter attached, if any, pursuant to the...Notice/s of attachment".