sebi:QJA/AA/MIRSD/MIRSD-SEC-7/29700/2023-24
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Violation established; refund of Rs.26,24,141 directed, 2-year securities market debarment imposed, and monetary penalty imposed
Provisions invoked
- s. 11
- s. 19
- s. 12(1)
- s. 11B
- s. 12
- s. 15J
- s. 15F
- s. 28A
- s. 15E
Regulations
- Reg. 3
- Reg. 2(1)
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 2(1)(m)
Parties
- Mr. Arvind Rameshwar Waghmare, Proprietor of M/s. JSR Makers
Holding
The Noticee was held to have acted as an unregistered investment adviser in violation of Section 12(1) of the SEBI Act, 1992 read with Regulation 3(1) of the IA Regulations, 2013, and was directed to refund Rs.26,24,141 collected as fees, debarred from the securities market for two years, and imposed a penalty of Rs.1,00,000 under Section 15EB.
Full text
Order in respect of Mr.Arvind Rameshwar Waghmare, Proprietor of M/s. JSR Makers Page 2 of 21 from SEBI thereby violating Section 12 (1) of the SEBI Act, 1992 read with Regulation 3 (1) of the IA Regulations, 2013.
Order in respect of Mr.Arvind Rameshwar Waghmare, Proprietor of M/s. JSR Makers Page 3 of 21 (c) The complaint also mentioned the website of the Noticee was www.jsrmaker.in. The examination by SEBI revealed that the said website was existing earlier, but later became inactive. The screenshots of the webpage www.jsrmaker.in taken on 16.03.2022 from the archive pages of the website www.jsrmaker.in dated 10.12.2021 as downloaded from web.archive.org was annexed with the SCN.
Order in respect of Mr.Arvind Rameshwar Waghmare, Proprietor of M/s. JSR Makers Page 4 of 21 (g) The total amount credited / deposited in the bank account was Rs.26,24,141/-. As on 14.02.2022, the closing balance was found to be zero. The last credit entry in the account was on 08.09.2021 and the last transaction was on 16.09.2021.
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Source: SecMarx — sebi:QJA/AA/MIRSD/MIRSD-SEC-7/29700/2023-24. 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.