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SEBI : Mere withdrawal of trading facility in stock exchange would not ipso facto absolve a trading member of stock exchange from keeping up with other obligations towards Exchange for continuation of its Membership; where after withdrawal of trading facility in stock exchange, applicant-member failed to keep up with adequacy of deposits, he was rightly expelled
• Appellant-stock broker registered itself as a Trading Member with NSE/Exchange - Interest Free Security Deposit is to be maintained by a stock broker - Appellant failed to maintain there quisite membership margins with Exchange for a long period and refused to make up for shortfalls when called upon to do so by the Exchange - Even after trading facility was withdrawn, appellant failed to keep up with adequacy of deposits - Hence, appellant was expelled -
Held that -
[Note: The seminal question about mode of dealing with withheld securities of a defaulting member by NSE/NSCCL consequent to his expulsion was also answered - Ed.]