sebi:QJA/AA/WRO/WRO/21992/2022-23

SEBI · SEBI · 2022-11-15 · Quasi-Judicial Cell-1, Securities and Exchange Board of India

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Facts / Headnote

Corrigendum issued to the Order dated November 15, 2022; Noticee liable for refund of Rs. 47,19,034.61 collected as unregistered investment adviser, in addition to monetary penalties under Sections 15EB and 15HA of the SEBI Act

Holding

The Noticee is liable to refund Rs. 47,19,034.61 received for investment advisory services provided as an unregistered investment adviser, in addition to monetary penalties under Sections 15EB and 15HA of the SEBI Act.

Full text

the Noticee maintained in the IDBI Bank, TT Nagar, Bhopal Branch. Thus, a total of Rs. 47,19,034.61 has been received by the Noticee in the bank accounts for the investment advisory services provided by it.”

“29. As discussed in the aforesaid paras, I note that a total of Rs. 47,19,034.61 has been received by the Noticee in the bank accounts for the investment advisory services provided by it. There is no reply on record from the Noticee despite having served the SCN and the hearing notice by way of affixture and newspaper publication. Thus, in the light of the findings in the preceding paras, I am of the considered view that the Noticee is liable for refund of the aforementioned amount collected as an unregistered investment adviser in addition to monetary penalties which are attracted for the said violations under Sections 15EB and 15HA of the SEBI Act.”

4. The Order dated November 15, 2022 bearing reference number CGM/AA/QJC- 1/WRO/WRO/21191/2022-23 shall always be read along with this Corrigendum.

Source: SecMarx — sebi:QJA/AA/WRO/WRO/21992/2022-23. 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.