Sebi cancels Sahara India Financial Corp's registration as sub-broker

Markets regulator Sebi on Wednesday cancelled the certificate of registration of Sahara India Financial Corporation as a sub-broker citing its failure to fulfill the “fit and proper” criteria. The regulator had appointed a designated authority in 2018 to enquire whether Sahara India Financial violated provisions of Intermediaries Regulations.

According to the designated authority's report, considering the antecedents of Subrata Roy Sahara and the various judicial pronouncements against him and other group companies of Sahara, it is determined that Sahara India Financial (noticee) is not a "fit and proper person" to continue as a sub-broker in the securities market.

Subrata Roy is a