sebi:Order/SV/VC/2023-24/29949

SEBI · SEBI · 2023-07-24 · Shashi Kumar Valsakumar, Adjudicating Officer

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Facts / Headnote

Violation of Regulation 245(3) of ICDR Regulations, 2018 and Regulation 13 read with Clause 6 and Clause 7 of Schedule III of Merchant Bankers Regulations, 1992 established for promoter misclassification; other allegations not established; monetary penalty of INR 1,00,000 imposed under Section 15HB of SEBI Act, 1992

Provisions invoked

• s. 11B
• s. 11
• s. 15
• s. 19
• s. 15H
• s. 15F
• s. 28A

Regulations

• Reg. 13
• Reg. 245

Parties

• Aryaman Financial Services Limited

Holding

The Noticee failed to ensure appropriate classification of Mr. Srinivas Prasad Kanuparthi as promoter in the IPO of Times Green Energy (India) Limited, violating Regulation 245(3) of ICDR Regulations, 2018 and Regulation 13 read with Clauses 6 and 7 of Schedule III of Merchant Bankers Regulations, 1992, while allegations of failure of due diligence on objects, promoter group disclosures and director qualifications/experience were not established; a penalty of Rs.1,00,000 under Section 15HB was imposed.

Full text

Adjudication Order in the matter of Aryaman Financial Services Limited Page 2 of 20 (a) Regulation 245 (3) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (hereinafter referred to as ‘ICDR Regulations, 2018’) and Regulation 13 read with Clause 4 of Schedule III of SEBI (Merchant Bankers) Regulations, 1992 (hereinafter referred to as ‘Merchant Bankers Regulations, 1992’). (b) Regulation 245 (3) of ICDR Regulations, 2018 and Regulation 13 read with Clause 6 and Clause 7 of Schedule III of Merchant Bankers Regulations, 1992.

Adjudication Order in the matter of Aryaman Financial Services Limited Page 3 of 20 the hearing in person at SEBI Bhavan-II on October 20, 2023 and reiterated the

Adjudication Order in the matter of Aryaman Financial Services Limited Page 4 of 20 Merchant Bankers Regulations, 1992: [SCHEDULE III Merchant Bankers Regulations, 1992 [Regulation 13] Code of Conduct for Merchant Bankers ………..

Source: SecMarx — sebi:Order/SV/VC/2023-24/29949. 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.