sebi:Order/BM/GN/2024-25/30571
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Facts / Headnote
Noticee found in violation of multiple provisions of IA Regulations, 2013, Code of Conduct, PFUTP Regulations, 2003 and SEBI circulars; penalty determination under Sections 15EB and 15HA of SEBI Act to be considered under Section 15J
Provisions invoked
- s. 15
- s. 12A
- s. 15H
- s. 15I
- s. 15J
- s. 15E
Regulations
- Reg. 7
- Reg. 3
- Reg. 4
- Reg. 2(1)(c)
- Reg. 16
- Reg. 9
- Reg. 25
- Reg. 15
- Reg. 15(1)
- Reg. 23
- Reg. 19
- Reg. 3(d)
- Reg. 2(b)
- Reg. 4(2)(k)
- Reg. 19(1)
- Reg. 15(9)
- Reg. 15(13)
- Reg. 13(b)
- Reg. 25(1)
- Reg. 17(b)
Parties
- Monetary Solutions (Proprietor – Mr. Ankit Vyas)
Holding
The Noticee, Monetary Solutions (Proprietor Mr. Ankit Vyas), was found to have violated multiple provisions of the SEBI (Investment Advisers) Regulations, 2013, the Code of Conduct for Investment Advisers, the PFUTP Regulations, 2003, and applicable SEBI circulars, including with respect to employee qualifications, record maintenance, suitability assessment, fee practices, free trials, investor charter display, and fake reviews.
Full text
Adjudication order in the matter of Monetary Solutions Proprietor – Mr. Ankit Vyas (Investment Adviser) Page 2 of 40 S. No. Alleged violations Regulatory provisions 1 Employees of the IA and their Compliance with the qualification Requirement Regulation 15 (13) read with Regulation 7 of IA Regulations, 2013 and Clause 1, 2 and 8 of Code of Conduct for Investment Advisers as specified under Third Schedule read with Regulation 15(9) of IA Regulations, 2013. 2 Maintenance of Records Regulation 19(1) and 19(2) and Clause 1,2,8 & 9 of Code of Conduct for Investment Advisers as specified under the Third Schedule read with Regulation 15(9) of IA Regulations, 2013, Clause 2(ii) and 2(vi) of SEBI Circular Ref No. SEBI/HO/IMD/DF1/CIR/P/2020/182 dated September 23, 2020 and Regulation 16 and 17 of IA Regulations, 2013. 3 Similar Products sold for the Concurrent Period Regulations 3 (d), 4 (1) and 4 (2) (s) of PFUTP Regulations, 2003 read with Section 12A ( c ) of SEBI Act, 1992 and Clause 1 and 2 of Code of Conduct for IA as specified under Third Schedule of Regulation 15(9) of SEBI (IA) Regulations, 2013 read with Regulation 15(1) of SEBI (IA) Regulations, 2013. 4 Fees received from clients to personal account of compliance officer Mr. Ankit Vyas Clause 1 and 2 of Code of Conduct as specified in Schedule III read with Regulation 15(9) of IA Regulations, 2013 read with Regulation 25(1) and (2) and Clause 1, 8 and 9 of Code of Conduct as specified in Schedule III read with Regulation 15
Adjudication order in the matter of Monetary Solutions Proprietor – Mr. Ankit Vyas (Investment Adviser) Page 3 of 40 Code of Conduct as mentioned in Schedule III read with Regulation 15(9) of IA Regulations,
Adjudication order in the matter of Monetary Solutions Proprietor – Mr. Ankit Vyas (Investment Adviser) Page 4 of 40 wanted to inspect, however, still no response was received from Noticee. SSCN dated March 18, 2024, was sent to the Noticee via SPAD which was not delivered, thereafter it was sent via digitally signed email dated March 19, 2024, which was delivered and the delivery of which is on record.
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Source: SecMarx — sebi:Order/BM/GN/2024-25/30571. 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.