sebi:QJA/AA/WRO/WRO/22645/2022-23
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Facts / Headnote
Violation established; refund of Rs. 2,57,67,484 directed, one-year securities market debarment and Rs. 1,00,000 penalty imposed
Provisions invoked
- s. 11
- s. 15
- 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
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 2(1)(m)
Parties
- M/s Kuber Capital (Proprietor- Mr. Chandrika Prasad)
Holding
The Noticee acted as an unregistered investment adviser in violation of Section 12(1) of the SEBI Act read with Regulation 3(1) of the IA Regulations, 2013 and was directed to refund Rs. 2,57,67,484, restrained from the securities market for one year, and penalized Rs. 1,00,000 under Section 15EB.
Full text
Order in respect of M/s Kuber Capital (Proprietor- Mr. Chandrika Prasad) Page 2 of 21 SHOW CAUSE NOTICE, REPLY AND HEARING
Order in respect of M/s Kuber Capital (Proprietor- Mr. Chandrika Prasad) Page 3 of 21 Profit/ loss=+300/- 23.12.2020 Buy 100 Shares GRAPHITE @ 291 Sell 100 Shares GRAPHITE @ 295 Profit/ loss=+400/- 07.01.2021
Order in respect of M/s Kuber Capital (Proprietor- Mr. Chandrika Prasad) Page 4 of 21 considered as amount collected by the Noticee towards the investment advisory activities. (f) From the aforesaid, it is observed that the Noticee is providing Investment Advisory services. Further, examination of records available with SEBI revealed that the Noticee is not registered with SEBI in any capacity. Therefore, it is alleged that the Noticee has engaged in the activities of an ‘investment adviser’ as defined under regulation 2 (m) of the IA Regulations, 2013 and by not getting the registration as required under the Regulations, the Noticee has violated Regulation 3(1) of the said regulation, read with section 12(1) of SEBI Act.
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Source: SecMarx — sebi:QJA/AA/WRO/WRO/22645/2022-23. 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.