Bombay Stock Exchange Expels Unicon Securities

Mumbai: Bombay Stock Exchange on Wednesday expelled brokerage firm Unicon Securities from the membership of the bourse.

The decision comes following expulsion of the brokerage firm by National Stock Exchange (NSE) last week.

"The Trading Members of the Exchange are hereby informed that, pursuant to expulsion of Unicon Securities by NSE...the exchange (BSE) has expelled Unicon Securities, a corporate trading Member of the exchange from the membership of the exchange," BSE said in a circular.

It also said that the brokerage firm has been declared "as defaulter under rules, bye-laws and regulations of the exchange with effect from September 10, 2014".

Besides, BSE has informed trading members and investors who have any outstanding claims, including those whose claims have been decided in Investor Grievances Redressal Committee, against Unicon Securities, to file arbitration references with the bourse within the prescribed time limit as per the norms.

"Further, investors who have any outstanding claims against Unicon Securities are requested to note that they are advised to file arbitration reference/s with the Exchange, if they so desire, within 120 days from the date of this notice failing which their claims will not be eligible for receiving compensation from the Investor Protection fund," BSE said.

Moreover, the bourse has asked the investors to avail of the arbitration mechanism in case of any objections arising in future against Unicon Securities "for the shares received" by them.