Pse Broker Raman Dubbed Defaulter

The Pune Stock Exchange (PSE) has declared Sujata Raman, proprietor of Kaushalya Investments and also a PSE broker as defaulter following her failure to honour the arbitration awards issued by the stock exchange.

Six-months back the PSE had suspended Raman from trading on the PSE following her failure to honour committments to investors.

In all we have received 24 complaints from investors against Raman for her failure to honour commitments to approximately Rs 10 lakh, P L Kadlaskar officer on special duty said.

Following the decision to declare Raman a defaulter, the PSE authorities will now go ahead with auctioning of her PSE membership card, he said. The proceeds of the auction will be used to pay off the investors whose dues have pending for over 6-month time.

 

Another factor that led to suspending Raman was the failure on her part to pay the mandatory security deposit to the exchange which is a part of the Sebi guidelines on capital adequacy.

Ramans membership card will now be auctioned in the next one month and the PSE officials hope to fetch between Rs 10 lakh to Rs 15 lakh in a depressed market condition.

The last card auctioned of a defaulting broker on the Pse was of Paras Gandhi, which fetched the exchange Rs 24 lakh in 1995.

However, this time the brokers say the market piece of the PSE card has fallen substantially due to the low business transactions.

The supersession of the PSE board for being invovled in illegal badla transactions has also further aggravated the situation on the PSE.