The Hindu Business Line : SEBI turns down CSFB registration renewal

THE Securities and Exchange Board of India today rejected the application for the renewal of Credit Suisse First Boston (CSFB) registration as foreign institutional investor and its various sub-accounts on the ground that the firm's broking outfit in India, Credit Suisse First Boston (I) Securities Pvt Ltd, had been suspended for a period of 2 years.

The FII registration of CSFB was valid until June 25.

SEBI in a statement said "CSFB being the holder of 75 per cent shareholding in its Indian broking affiliate is inextricably linked to the broker who has been suspended for a period of 2 years with effect from April 18, 2001 for violating the provisions of SEBI regulations. SEBI is of the opinion that CSFB is not a fit and proper person as required under Regulation".

The statement said applications submitted by Credit Suisse First Boston on March 25, 2002 for renewal of its FII registration and also renewal of its sub-accounts - - Kallar Kahar Investments Ltd, Credit Suisse First Boston (Cyprus) Ltd and Credit Suisse First Boston, Singapore, have been rejected.

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