sebi:EAD-2/DSR/VS/880-881/2017
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Facts / Headnote
Penalty imposed on the Noticees for unregistered investment advisory activities
Provisions invoked
- s. 15
- s. 12(1)
- s. 15H
- s. 15J
- s. 15F
Regulations
- Reg. 3
- Reg. 3(1)
- Reg. 201
- Reg. 2(m)
- Reg. 1(2)
Parties
- Mr. Ravi Chouksey
- Gravita Research Company
Holding
The Noticees, Mr. Ravi Chouksey and Gravita Research Company, were held to have violated Section 12(1) of the SEBI Act, 1992 and Regulation 3(1) of the SEBI (Investment Advisers) Regulations, 2013 by engaging in unregistered investment advisory services, and a monetary penalty of Rs. 2,00,000 was imposed jointly and severally under Section 15HB of the SEBI Act.
Full text
______________________________________________________________________________________ Page 2 of 13 b) Mr. Ravi Chouksey and Gravita Research Company shall not undertake, either directly or indirectly, any activity in the securities market without obtaining registration from SEBI as required under the securities laws. c) Mr. Ravi Chouksey and Gravita Research Company shall expeditiously return the monies received from its clients, if any, in respect of its unregistered investment advisory activities and submit a certificate from a peer reviewed chartered accountant, within a period of 3 months from the date of this Order. For the purpose of this Order, a peer reviewed Chartered Accountant shall mean a Chartered Accountant, who has been categorized so by the Institute of Chartered Accountants of India ('ICAI').
______________________________________________________________________________________ Page 3 of 13 a) “In the year 2012 I started my operations under the aegis of my Prop Firm M/s Gravita Research. The object was to study developments in various segments of capital markets.
______________________________________________________________________________________ Page 4 of 13 Evidence and Findings
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Source: SecMarx — sebi:EAD-2/DSR/VS/880-881/2017. 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.