Capital markets regulator Sebi has cancelled the registration of Mennen Financial Services Ltd as registrar to an issue and share transfer agent for not paying registration fees.
In an order, Sebi said the firm violated RTA (Registrars to an Issue and Share Transfer Agents) Regulations on account of non-payment of necessary fee for keeping its registration in force for October, 2016 to September, 2019 period.
The agent also failed to submit periodic reports as required by Sebi.
The regulator, in its probe, found that the firm did not submit reports for half-year ended March, 2016 and September, 2016 despite administrative warning.
It was further revealed that the validity of the registration of the firm as RTA was till September 30, 2013. Subsequent to it, Mennen Financial Services was granted permanent registration with effect from October 01, 2013.
This block of three years of registration (starting from October, 2013) ended on September, 2016.
As per RTA provisions, the firm was required to pay the fees for the next block of registration, that is October 01, 2016 to September 30, 2019, three months before expiry of the block for which fee was paid, Sebi said in its order.
But no payment of fee was made by the firm in a timely manner, the regulator said.
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