Market regulator Sebi has fined CB Management Services Rs 3 lakh for delaying the issuance of duplicate shares and failing to process share transfers within the time limit. Furthermore, it does not keep records of the signatures of some of the company’s shareholders.

CB Management Services, the registrar of issuance and share transfer agents, has been ordered to pay the fine within 45 days, Sebi said in an order on Tuesday. The capital markets regulator reviewed the activities of CB Management Services as an offering and share transfer agent registrar between April 2017 and March 2019.

In its order, Sebi Adjudicating Officer N Hariharan found that “notices (CB Management Services) did not record shareholder signatures, more than 150 instances of repeated violations of timetables and nine delays in the processing of stock transfers”.

Doing so violates the Model Agreement between the Share Transfer Agent and the Company and the Registrar’s Code of Conduct for Issuance and Share Transfer Agents (RTI/STA), he added.

In another order, Sebi fined Shree Bahubali Stock Broking Limited Rs 5.5 lakh for its failure to settle clients’ funds/securities and for failing to comply with applicable KYC (Know Your Customer) norms. The regulator inspected the books and other records of Shree Bahubali Stock Broking Limited (formerly Shree Bahubali International Ltd). Inspections were conducted in October 2012 and July 2014.

During the investigation, Sebi found that the stockbroker failed to settle clients’ funds/securities quarterly or monthly for seven clients. “It was observed that the notification (Shree Bahubali Stock Broking Ltd) failed to act by the care, skill and diligence observed in the breaches in the KYC documents and the changes made to the documents during the inspection process,” Sebi said.