sebi:QJA/AA/MIRSD/MIRSD-SEC-2/30327/2024-25
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Facts / Headnote
Certificate of registration cancelled with immediate effect
Provisions invoked
- s. 19
- s. 12(3)
Regulations
- Reg. 13
- Reg. 9
- Reg. 8
- Reg. 23
- Reg. 8(1)
- Reg. 24
- Reg. 25
- Reg. 27
- Reg. 27(5)
- Reg. 25(1)
Parties
- Valuevest Services Private Limited
Holding
The Certificate of Registration granted to Valuevest Services Private Limited (SEBI Registration No. INA000011343) as an Investment Adviser is cancelled with immediate effect for violation of the net worth requirement under Regulation 8(1) of the IA Regulations, 2013.
Full text
Order in respect of Valuevest Services Private Limited Page 2 of 6 ENQUIRY BY DESIGNATED AUTHORITY 4. In view of the same, SEBI initiated enquiry proceedings under Regulation 23 of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 (“Intermediaries Regulations, 2008”) read with Section 12(3) of the SEBI Act, 1992. The Designated Authority (“DA”) was appointed under Regulation 24 of the Intermediaries Regulations, 2008 vide appointment order dated January 11, 2024 to enquire and make recommendations under Regulations 25 and 26 of the Intermediaries Regulations, 2008 in respect of the alleged violation of the abovementioned provision of law by the Noticee. Accordingly, in terms of Regulation 25(1) of the Intermediaries Regulations, 2008, the DA issued an Enquiry Show Cause Notice dated February 05, 2024 (‘Enquiry SCN’) to the Noticee to show cause as to why appropriate recommendations be not made against it for the alleged violations.
Order in respect of Valuevest Services Private Limited Page 3 of 6 said SCN was duly delivered to the Noticee at email ids nikhil@piggy.co.in and angad@piggy.co.in.
Order in respect of Valuevest Services Private Limited Page 4 of 6 consideration in the instant case is to examine whether the Noticee has violated the provisions of the IA Regulations, 2013 as alleged in paragraph no. 2 & 3 above and if yes, whether the recommendations made by the DA in the Enquiry Report may be issued in respect of the Noticee.
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Source: SecMarx — sebi:QJA/AA/MIRSD/MIRSD-SEC-2/30327/2024-25. 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.