sebi:ORDER/AP/AS/2021-22/11409

SEBI · SEBI · 2011-10-05 · Amit Pradhan, Adjudicating Officer

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Penalty imposed on the Noticee for violations of IA Regulations

Provisions invoked

• s. 15H
• s. 15I
• s. 15J
• s. 15
• s. 28A

Regulations

• Reg. 17
• Reg. 15
• Reg. 12
• Reg. 21
• Reg. 7(2)
• Reg. 19
• Reg. 7

Parties

• Dr. Nikhil Dayanand Baljekar

Holding

The Adjudicating Officer held that the Noticee violated Sr. No. 1, 3, 4 and 5 of Table 1 (KYC requirements, maintaining records including Investment Rationale, NISM certification, and grievance redressal policy) of the IA Regulations, and imposed a total monetary penalty of Rs. 1,00,000 under section 15HB of the SEBI Act.

Full text

_______________________________________________________________________________ Adjudication Order in respect of Dr. Nikhil Dayanand Baljekar, Investment Advisor. Page 2 of 12 of his clients and not uploading the KYC data with Central KYC Records Registry (“CKYCR”), the Noticee has violated the following provisions:

_______________________________________________________________________________ Adjudication Order in respect of Dr. Nikhil Dayanand Baljekar, Investment Advisor. Page 3 of 12 Circulars. The details of the violations and relevant provisions with respect to the Noticee are as follows: - Table 1 Sr. No. Details of Violations by the Noticee Regulations/ Circulars allegedly violated Relied upon Documents 1 Non capturing of the KYC details of his clients in account opening form as specified under the IA Regulations.

_______________________________________________________________________________ Adjudication Order in respect of Dr. Nikhil Dayanand Baljekar, Investment Advisor. Page 4 of 12 4 Not having requisite NISM certifications at all times while providing investment advice Regulation 7(2) of the IA Regulations.  Inspection Report Dated October 23, 2019.  Reply Dated December 20, 2019 from the Noticee. 5 Not having proper policy for grievance redressal. Regulation 21 (2) of IA Regulations.  Inspection Report Dated October 23, 2019.  Reply Dated December 20, 2019 from the Noticee.

Source: SecMarx — sebi:ORDER/AP/AS/2021-22/11409. 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.