SEBI passes order against Design Auto Systems Ltd

Mumbai, Oct 23 (UNI) Market regulator Securities and Exchange Board of India (SEBI) whole-time member G Anantharaman has passed an order against Coverage&Consultants Ltd and its directors, viz Sharad Gujrathi, B L Joshi and Narendra Chouhan, in the matter of Design Auto Systems Ltd.

According to SEBI release, these four entities have been found to have violated the provisions of Regulations 3 and 4 of the PFUTP Regulations. The entities have, thus, been restrained from accessing the securities market and also prohibited from buying, selling or dealing in securities either directly or indirectly for a period of seven years.

Meanwhile, on a request made by PNB Mutual Fund, SEBI today cancelled the certificate of registration of PNB Mutual Fund and has also withdrawn the approval granted to PNB Asset Management Company Limited, to act as the Asset Management Company.

Consequently, the PNB Mutual Fund, the Board of Trustees of PNB Mutual Fund and PNB Asset Management Company Limited cannot carry out any activity as a Mutual Fund, Trustees or Asset Management Company as the case may be, in accordance with the regulations with immediate effect, the release added.

UNI