sebi:QJA/AA/MIRSD/MIRSD-SEC-2/29875/2023-24
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Certificate of Registration INA300011706 suspended for three months or until renewal of NISM certification, whichever is higher
Provisions invoked
- s. 19
- s. 12(3)
Regulations
- Reg. 7
- Reg. 15
- Reg. 7(2)
- Reg. 23
- Reg. 15A
- Reg. 19(1)
- Reg. 24
- Reg. 25
- Reg. 27
- Reg. 26(1)
- Reg. 27(5)
- Reg. 15(13)
- Reg. 19(2)
- Reg. 25(1)
- Reg. 19(1)(d)
Parties
- Podium Market Research (Proprietor: Mr. Suman Kumar)
Holding
The Noticee violated Regulation 15(13) read with Regulation 7 (expired NISM certification), Regulation 19(1) (non-maintenance of client agreements), and Regulation 15A read with Para 2(iii) of the SEBI Circular dated September 23, 2020 (excess fee collection), and its certificate of registration is suspended for three months or until renewal of the NISM certification, whichever is higher.
Full text
In the matter of Podium Market Research (Proprietor-Mr. Suman Kumar) Page 2 of 14 2.1 Regulation 15(13) read with Regulation 7 of the IA Regulations, 2013, 2.2 Regulation 19(1) of the IA Regulations, 2013, 2.3 Regulation 15A of the IA Regulations read with Para 2(iii) of the SEBI Circular No. SEBI/HO/IMD/DF1/CIR/P/2020/182 dated September 23, 2020.
In the matter of Podium Market Research (Proprietor-Mr. Suman Kumar) Page 3 of 14 C. Fees and charges during the inspection period (i) During verification of collection of fees from the Noticee’s 97 clients, it was observed that the Noticee had collected fees from 7 clients in excess of the permissible limit i.e. Rs. 1,25,000. (ii) Therefore, it was alleged that the Noticee had violated the provisions of Regulation 15A of IA Regulations, 2013 read with Para 2(iii) of SEBI circular SEBI/HO/IMD/DF1/CIR/P/2020/182 dated September 23, 2020.
In the matter of Podium Market Research (Proprietor-Mr. Suman Kumar) Page 4 of 14 recommended by the DA or any other action as contemplated under the said provision of the Intermediaries Regulations, 2008 should not be taken against the Noticee. The said SCN was duly delivered to the Noticee.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:QJA/AA/MIRSD/MIRSD-SEC-2/29875/2023-24. 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.