sebi:EAD/PM-RR/AO/1/2018-19
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Facts / Headnote
Penalty of Rs 40,00,000 imposed on the Noticee; matter disposed
Provisions invoked
- s. 15
- s. 12
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 201
Parties
- Equitypandit Financial Services Private Limited
Holding
The Noticee violated Section 12(1) of the SEBI Act read with Regulation 3 of the IA Regulations by carrying out investment advisory services without registration from June 14, 2013 to October 6, 2016, and was held liable to a monetary penalty of Rs 40,00,000 under Section 15HB of the SEBI Act.
Full text
Adjudication Order in the matter of Equitypandit Financial Services Private Limited 2 | 14 SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING
Adjudication Order in the matter of Equitypandit Financial Services Private Limited 3 | 14 a. Intraday in Cash Market (EP-Basic Package) b. Intraday in F&O Segment (EP-Investor Package) c. Short-term Investment (EP-Investor Package) d. Index Future Services (EP-BankNifty Package) e. Long-term Investment (EP-Multibaggers Package) f. Swing Trading (EP-BTST/STBT Package) g. F&O Positional (EP-Stock HNI Package) c) The Noticee, vide its application for registration which was received by SEBI on February 02, 2016, admitted that it was involved in Investment Advisory activities prior to applying for registration with SEBI and without being registered with SEBI as an Investment Adviser under IA Regulations, 2013.
Adjudication Order in the matter of Equitypandit Financial Services Private Limited 4 | 14 f) From one of the bank accounts of the Noticee with ICICI Bank (A/c no.178805000025), it was observed that the Noticee has been collecting fee from its clients since the year 2013. Further, the Noticee has also submitted list of clients who subscribed to its services since 2013 till June 2016.
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Source: SecMarx — sebi:EAD/PM-RR/AO/1/2018-19. 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.