sebi:MC/CB/2019-20/3889
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Facts / Headnote
Penalty of Rs.40,00,000 imposed under Section 15HB of SEBI Act; allegation under Section 15HA / PFUTP not established
Provisions invoked
- s. 15H
- s. 15I
- s. 15J
- s. 15
Regulations
- Reg. 16
- Reg. 17
- Reg. 4(2)
- Reg. 15
- Reg. 15(9)
- Reg. 16(b)
- Reg. 17(a)
- Reg. 4(2)(o)
Parties
- Star India Market Research (Proprietor Dharmendra Kumar)
Holding
The Noticee violated Regulations 15, 16 and 17 read with Schedule III of the IA Regulations by offering unsuitable high-risk/HNI services, double-charging and collecting advance fees, and was penalized Rs.40,00,000 under Section 15HB; violation of Regulation 4(2)(o) of PFUTP Regulations punishable under Section 15HA was not established.
Full text
Adjudication Order in the matter of Star India Market Research, Investment Adviser Page 2 of 20 APPOINTMENT OF ADJUDICATING OFFICER
Adjudication Order in the matter of Star India Market Research, Investment Adviser Page 3 of 20 Name of the Client Age Category Product Offered Payment Period Sagar Gupta 19-21 years HNI Tips `1,50,000/- 1 month Ajay Kumar Shukla `67,150/- 14 days Pawan Kumar Mandal `16,375/- 4 days Suhail Ahmed Shaikh `1,28,286/- 3 months
Adjudication Order in the matter of Star India Market Research, Investment Adviser Page 4 of 20 & 6 of the Code of Conduct specified for Investment Advisers under Schedule III of the IA Regulations.
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Source: SecMarx — sebi:MC/CB/2019-20/3889. 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.