sebi:Order/BM/GN/2024-25/30661-30663

SEBI · SEBI · 2020-09-23 · Barnali Mukherjee, 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

Penalties imposed on all three Noticees for violations of IA Regulations, 2013 and PFUTP Regulations, 2003

Provisions invoked

• s. 15
• s. 19
• s. 15H
• s. 15I
• s. 15J
• s. 12(3)
• s. 15E

Regulations

• Reg. 7
• Reg. 3
• Reg. 4
• Reg. 4(2)
• Reg. 15
• Reg. 7(2)
• Reg. 23
• Reg. 19
• Reg. 15A
• Reg. 3(d)
• Reg. 19(1)
• Reg. 24
• Reg. 25
• Reg. 15(9)
• Reg. 4(2)(s)
• Reg. 2(1)(c)(1)
• Reg. 4(2)(p)

Parties

• M/s Podium Market Research (Prop.: Shri Suman Kumar)
• Prakash Kumar (Noticee 2)
• Roshini Kumari (Noticee 3)

Holding

Noticee 1 (Podium Market Research) was found in violation of multiple IA Regulations and PFUTP Regulations, and Noticees 2 and 3 were found in violation of Regulation 3(d) and 4(2)(s) of PFUTP Regulations for duping clients. Penalties were imposed under Sections 15EB and 15HA of the SEBI Act.

Full text

Adjudication order in the matter of M/s Podium Market Research (Prop.: Shri Suman Kumar) Page 2 of 32 Table 1 Sr. No. Noticee No. Alleged Violations (summarized) Regulatory provisions Adjudication Provision 1 1 Infrastructure, Qualification, Certification, general Responsibility of IA and extent to their operations as Investment Adviser Regulation 15 (13) read with Regulation 7 of IA Regulations, 2013 Section 15EB of SEBI Act, 1992 2 1 Maintenance of Books of Accounts, Records etc. Regulation 19(1) of IA Regulations,

Adjudication order in the matter of M/s Podium Market Research (Prop.: Shri Suman Kumar) Page 3 of 32 APPOINTMENT OF ADJUDICATING OFFICER

Adjudication order in the matter of M/s Podium Market Research (Prop.: Shri Suman Kumar) Page 4 of 32 Podium Market Research - Prop Suman Kumar" dated December 14, 2023. Noticee 1 further submitted that the current allegations be dismissed on the ground of principle of res judicata. Observation 4- Failed to maintain due care and diligence in maintaining confidentiality of Information pertaining to SCORES complaints ii. Noticee 1 submitted that Mr Prakash Kumar was his employee from July 01, 2019 to Feb 15, 2020. Being employee of Noticee 1 Mr Prakash Kumar was having access to all the information of his clients. Noticee 1 submitted that post leaving the job, Mr Prakash Kumar had contacted the client using the same information and lured them to file a complaint against Noticee 1 by giving them the assurance that, they will get all the fee back. Once the complainants supplied all the information's to Mr Prakash Kumar, he filed the complaint on their behalf on SCORES. iii. After filing the complaint Mr, Prakash along with his accomplice created a fake id as compliance.podium@gmail.con and emailed to the complainant. iv. Noticee 1 also made the following submissions-  The fraud was done by Mr. Prakash Kumar and Ms. Roshini Kumari.  The amount deposited by the complainants were in the account of Ms. Roshini Kumari and not in his account.  At the time of this act, Mr Prakash Kumar was not connected with him in any capacity.  Mr. Prakash Kumar filed the SCORES complaint himself

Source: SecMarx — sebi:Order/BM/GN/2024-25/30661-30663. 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.