Sebi imposes Rs 3 lakh fine on CB Management Services for non-compliance

Markets regulator Sebi has imposed a penalty of Rs 3 lakh on CB Management Services for delaying the process of issuance of duplicate shares and failing to process transmissions of stocks within the time limit. Also, it had not maintained signature records of shareholders in certain companies. CB Management Services, Registrar to an Issue and Share Transfer Agent, has been asked to pay the fine within 45 days, the Securities and Exchange Board of India (Sebi) said in an order on Tuesday. The capital markets regulator conducted an inspection of CB Management Services' activities as a Registrar to an Issue and Share Transfer Agent from April 2017 to March 2019. In its order, Sebi's Adjudicating Officer N Hariharan found, "the noticee (CB Management Services) has not maintained signature records of the shareholders, more than 150 instances of violations of timelines for instances of duplicate shares and nine instances of delay in the processing of transmission of shares". By doing so

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