Description

NSE updates the list of directors of expelled member Guiness Securities Ltd as per SAT order dated August 13, 2025, in accordance with Securities Contract (Regulations) Rule, 1957.

Summary

NSE has issued a circular updating the list of directors of expelled trading member Guiness Securities Ltd, pursuant to the Hon’ble Securities Appellate Tribunal (SAT) order dated August 13, 2025. The circular is issued in compliance with sub-rule 4A(iv) and sub-rule 5 under Rule 8 of Securities Contract (Regulations) Rule, 1957 (SCRR). This updates previous circulars from March 23, 2021 and August 25, 2025 that listed directors/partners of expelled or defaulter members since January 2018.

Key Points

  • Guiness Securities Ltd was expelled on May 06, 2019
  • Three directors are listed: Tarun Kanti Sengupta (PAN: AJDPS7741N), Kamal Kumar Kothari (PAN: AKYPK8782D), and Dharmendra Kothari (PAN: AFGPK6680M)
  • This update is pursuant to SAT order dated August 13, 2025
  • The circular references previous NSE circulars NSE/COMP/47716 dated March 23, 2021 and NSE/COMP/69846 dated August 25, 2025
  • Trading members are advised to take note of this information

Regulatory Changes

No new regulatory changes are introduced. This circular is a compliance update following a SAT order, maintaining the existing framework under Securities Contract (Regulations) Rule, 1957, specifically sub-rule 4A(iv) and sub-rule 5 under Rule 8.

Compliance Requirements

Trading members are required to:

  • Take note of the updated list of directors of the expelled member Guiness Securities Ltd
  • Be aware of the individuals associated with expelled/defaulter members as per regulatory requirements

Important Dates

  • February 06, 2026: Date of circular issuance
  • August 13, 2025: Date of SAT order basis which this update is issued
  • May 06, 2019: Date when Guiness Securities Ltd was expelled
  • March 23, 2021: Date of previous reference circular NSE/COMP/47716
  • August 25, 2025: Date of previous reference circular NSE/COMP/69846

Impact Assessment

This circular has minimal market impact as it pertains to an administrative update regarding a member that was already expelled in 2019. The information is relevant for compliance and record-keeping purposes for trading members. The directors listed may face restrictions on their ability to be associated with other trading members as per regulatory provisions governing expelled/defaulter members. This is primarily an informational update following judicial proceedings at the SAT level.

Impact Justification

This is an administrative update regarding directors of an already expelled member (expelled in May 2019), following a SAT order. It has no immediate market impact and is informational in nature for trading members.