sebi:ED/SP/WRO/WRO/21445/2022-23
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Facts / Headnote
Alleged violations of IA Regulations, 2013, PFUTP Regulations, 2003 and SEBI Act, 1992 upheld against the Noticee; directions including resolution of complaints/refunds within 30 days and restraint from securities market activity for three years
Provisions invoked
- s. 19
- s. 11(1)
- s. 12A
- s. 12
- s. 15
- s. 12(3)
Regulations
- Reg. 3
- Reg. 2(1)(c)
- Reg. 28
- Reg. 15
- Reg. 3(a)
- Reg. 15(1)
- Reg. 23
- Reg. 25
- Reg. 27
- Reg. 27(5)
- Reg. 15(9)
- Reg. 35
- Reg. 17(a)
- Reg. 24
- Reg. 25(7)
- Reg. 6(f)
- Reg. 27(1)
- Reg. 16(d)
- Reg. 32(2)
Parties
- Money Desire Research (INA000002454)
- Anoop Kumar Tiwari
- Raghvendra Singh
Holding
The Noticee Money Desire Research was found to have violated Regulation 15(1), 15(9), 16(d), 17(a) and 17(e) of the IA Regulations, 2013, Clauses 1, 2 and 6 of the Code of Conduct, Regulation 3(a)-(d) of the PFUTP Regulations, 2003 read with Section 12A(a)-(c) of the SEBI Act, 1992, and Regulation 6(f) and 28(a) of the IA Regulations, 2013. The Noticee was directed to resolve pending complaints and make refunds within 30 days and restrained from securities market activity for three years.
Full text
Order in the enquiry proceedings against Money Desire Research Page 2 of 26 Trade Practices relating to Securities Market) Regulations, 2003 (hereinafter referred to as ‘PFUTP Regulations, 2003’) and SEBI Act, 1992 (hereinafter referred to as ‘SEBI Act, 1992’). Subsequently, on January 15, 2020, an exparte
Order in the enquiry proceedings against Money Desire Research Page 3 of 26 held in their name, including money lying in bank accounts except with the prior permission of SEBI 47.2. Banks including HDFC Bank Limited, ICICI Bank, Axis Bank and Bank of India, wherein Money Desire Research (PAN: AAYFM6388F) and its partners Mr. Anoop Kumar Tiwari (PAN: ALLPT5927F) and Mr. Raghvendra Singh (PAN: CHPPS6375C) are holding bank accounts, are directed not to allow any debits / withdrawals and credits from the said accounts, without the permission of SEBI, until further orders. The Banks are also directed to ensure that all the above directions are strictly enforced. 47.3. Any person while working under MDR or under its instructions as employee or otherwise, shall cease and desist from undertaking the activity of investment advisory services, including the activity of acting and representing through any media (physical or digital) as an investment advisor, directly or indirectly, till further orders. 47.4. The Depositories are directed to ensure that till further directions no debits are made in the demat accounts of MDR, and its partners named in this order, held jointly or severally. 47.5. The Registrar and Transfer Agents are also directed to ensure that till further directions the securities, including Mutual Funds held in the name of MDR, and its partners named in this order, jointly or severally, are not transferred or redeemed.
Order in the enquiry proceedings against Money Desire Research Page 4 of 26 read with Regulation 28 of IA Regulations and in the interest of investors do hereby pass the following directions: –
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Source: SecMarx — sebi:ED/SP/WRO/WRO/21445/2022-23. 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.