sebi:10325
Facts / Headnote
Restrained from buying, selling or dealing in securities market and from accepting loans or deposits from the public for share market till further orders; post-decisional hearing to be given on request.
Provisions invoked
- s. 19
- s. 11(1)
Parties
- M/s Max Portfolios
- Mr. Sanjeev Kapoor
Holding
The entity M/s Max Portfolios and its proprietor Mr. Sanjeev Kapoor are restrained from buying, selling or dealing in the securities market in any manner, directly or indirectly, with immediate effect, and from accepting any loans or deposits intended for share market from the public till further orders.
Full text
Ali Avenue, 5th Floor, Park Circus, Kolkata-17) in News Papers, soliciting investments from the public in the form of loans ranging from Rs. 20,000- to Rs. 1,00,000/- and assuring monthly interest ranging from Rs. 1,000/- to Rs. 10,000/-. The entity has stated that the funds are required for share market and has assured monthly returns to the tune of 5% to investors. The entity has also claimed to be having their own NSE terminal at its own building. It is observed that the entity is not registered with SEBI in the capacity of broker or sub broker and therefore has no legal access to a trading terminal of any exchange. NSE had also made a visit to the addresses of the entity and had concluded that the trading terminal is unauthorized and are taking necessary action in this regard. Hence it appears that the entity has fraudulently and illegally got NSE terminal installed at their building. Further inviting moneys from the public by whatever name called, for share market operations with assured returns is akin to running a collective investment or mutual fund scheme without appropriate checks and balances and regulatory oversight. From a perusal of the advertisement placed by the entity, it appears that the entity’s intention is to attract unsuspecting investors into placing their hard earned money in the form of loans/deposits with them attracting high assured returns. Needless to say that what the entity proposes to do is fraught with very high risks to investors as the entit
T. M. NAGARAJAN Date: Jan. 2, 2004 WHOLE TIME MEMBER Place: MUMBAI SECURITIES AND EXCHANGE BOARD OF INDIA
order that the entity M/s Max Portfolios and its proprietor Mr. Sanjeev Kapoor be restrained from buying, selling or dealing in securities market in any manner, directly or indirectly, with immediate effect and from accepting any loans or deposits intended for share market from the public till further orders. The entity will be given a post decisional hearing on receipt of request.
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Source: SecMarx — sebi:10325. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.