sebi:CGM/GG/QJC-2/SRO/SRO/21243/2022-23
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Facts / Headnote
Directions issued against the Noticee for unregistered investment advisory activity, including refund of Rs. 93,57,089/-, public notice, restraint from securities market for one year, and prohibition on investment advisory services without registration.
Provisions invoked
- s. 11B
- s. 19
- s. 12(1)
Regulations
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 2(1)(m)
Parties
- Live Indian Market
- Manish Kumar Mahaseth
Holding
The Noticee, Live Indian Market (proprietorship of Manish Kumar Mahaseth), was found to have acted as an investment adviser without obtaining registration from SEBI, in violation of Section 12(1) of the SEBI Act read with Regulation 3(1) of the IA Regulations. Directions were issued including refund of Rs. 93,57,089/- to clients, restraint from securities market for one year, and prohibition on investment advisory services without registration.
Full text
Final Order in the matter of Live Indian Market Page 2 of 15 as “Noticee”), alleging that the Noticee has carried out investment advisory activities without obtaining registration from SEBI and thereby, has violated Section 12(1) of SEBI Act and Regulation 3(1) of the SEBI (Investment Advisers) Regulations, 2013 (“IA Regulations”).
Final Order in the matter of Live Indian Market Page 3 of 15 e) The bank statement received from ICICI Bank has the narration of certain transactions like ‘Investment’, ‘Stocks’, ‘Trading Charges’, ‘registration’, ‘Bal 4 Registrat’, ‘Market Advisor’, ‘Stock Advisor charge’, ‘live call’, ‘fee’, ‘fund management’, ‘brokerage’, ‘for trading’ etc., indicating that said bank account was used to receive fees towards advisory services. An illustrative list of transactions with such narrations in the ICICI Bank account of the Noticee is as under: Date Narration Credit (Rs) 02-08-2018 BIL/001504744081/Investment/NSP 100.00 02-08-2018 BIL/001504750637/Investment/NSP 14900.00 13-08-2018 BIL/001513165900/Investment/NSP 7500.00 24-08-2018 BIL/001519506806/Stocks/NSP 1500.00 24-08-2018 BIL/001519517227/Investment/NSP 1500.00 04-09-2018 BIL/INFT/001527982038/Trading Charges/LlVE INDIA/l 5000.00 06-09-2018 BIL/INFT/OO1529186073/registration co/LlVE INDIA/l 11500.00 07-09-2018 BIL/INFT/001529937652/Bal 4 Registrat/LlVE INDIA/l 4000.00 12-09-2018 BIL/001534190948/Market advisor/NSP 25000.00 20-09-2018 BIL/001538682814/Investment/NSP 5000.00 24-09-2018 BIL/001540665786/Investment/NSP 6000.00 24-09-2018 MMT/IMPS/826712613150/trade/N RAMESH/INDIAN BANK 5000.00 24-09-2018 BIL/001540887685/Stock advisor charge/NSP 1430.00 24-09-2018 BIL/0015408999/Stock advisor charge/NSP 3600.00 25-09-2018 MMT/IMPS/826816435398/MB: LIVE CALL/RAHUL PATE/KOT 5000.00 27-09-2018 MMT/IMPS/827016186178/fee/DEEPAK KAN/UN
Final Order in the matter of Live Indian Market Page 4 of 15 Rs.93,57,089/- (Rupees Ninety Three Lakh Fifty Seven Thousand and Eighty Nine)-. The summary of transactions observed in the aforesaid ICICI account is tabulated as under:
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Source: SecMarx — sebi:CGM/GG/QJC-2/SRO/SRO/21243/2022-23. 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.