sebi:ED/ARB/WRO/WRO/20472/2022-23
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Facts / Headnote
Directions issued: joint and several refund of money received from investors within three months, public notice, restraint on asset sale, debarment from securities market for 2 years or till completion of refunds, whichever is later, and prohibition on associating with listed/public companies or SEBI-registered intermediaries for 2 years.
Provisions invoked
- s. 19
- s. 12(1)
- s. 12
Regulations
- Reg. 3
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 2(1)(m)
Parties
- Shri Pawan Bhise (Noticee no. 1)
- Shri Vilash Bhise (Noticee no. 2)
- Shri Anshuman Bhise (Noticee no. 3)
Holding
The noticees were found to have carried out investment advisory activities 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 for refund, debarment from the securities market for two years, and other remedial measures were issued against all three noticees jointly and severally.
Full text
Order in respect of Shri Pawan Bhise, Proprietor of The Global Research, & Ors. Page 2 of 16 2. Pursuant to receipt of the above mentioned complaint, SEBI conducted an examination of the activities of Global Research to verify the veracity of the complaint and to ascertain if there is any violation of the provisions of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “the SEBI Act”) and the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 (hereinafter referred to as “the IA Regulations”).
Order in respect of Shri Pawan Bhise, Proprietor of The Global Research, & Ors. Page 3 of 16 iv. Noticee no. 1 had also transferred funds to the tune of Rs. 16,51,005 from its bank account maintained with Axis Bank to the bank accounts of Noticee no. 2 and Noticee no.3.
Order in respect of Shri Pawan Bhise, Proprietor of The Global Research, & Ors. Page 4 of 16 submit the Permanent Account Number (hereinafter referred to as “PAN”) details of Noticee no.2. Accordingly, vide email dated September 24, 2022, the noticees have filed the written submissions in the matter and have also submitted a copy of the PAN card of Noticee no. 2.
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Source: SecMarx — sebi:ED/ARB/WRO/WRO/20472/2022-23. 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.