sebi:QJA/AA/WRO/WRO/29608/2023-24
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Facts / Headnote
Noticees held liable for unregistered investment advisory in violation of Section 12(1) SEBI Act and Regulation 3(1) IA Regulations; jointly directed to refund Rs.2,79,412, issue public notice, restrained on assets, debarred (6 months for Noticees 1 and 3, 1 year for Noticee 2) and imposed joint penalty of Rs.1,00,000 under Section 15HB; fraud/PFUTP/Section 15HA and Section 15EB charges dropped.
Provisions invoked
- s. 11
- s. 19
- s. 11(1)
- s. 12(1)
- s. 11B
- s. 12A
- s. 12
- s. 15H
- s. 27
- s. 15J
- s. 15F
- s. 28A
- s. 25
- s. 15E
Regulations
- Reg. 3
- Reg. 2(1)(c)
- Reg. 4(1)
- Reg. 2(1)
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 2(1)(m)
- Reg. 3(d)
Parties
- Zenith Research Services (Noticee 1)
- Shri Anurag Shrivastav (Noticee 2)
- Shri Preetam Singh Rajput (Noticee 3)
Holding
Zenith Research Services and its partners Anurag Shrivastav and Preetam Singh Rajput acted as an investment adviser for consideration without SEBI registration and must jointly refund Rs.2,79,412 to clients/investors, suffer debarment and asset restraint, and pay Rs.1,00,000 penalty under Section 15HB.
Full text
Order in respect of Zenith Research Services Page 2 of 24 Services (hereinafter referred to as Zenith / partnership firm / Noticee 1) which was being run alongwith another partner Shri Preetam Singh Rajput (Noticee 3).
Order in respect of Zenith Research Services Page 3 of 24 (a) SEBI received a complaint against Zenithvia Research Services (Zenithvia) on SEBI SCORES Portal. Complainant provided SMS received from the advisory regarding trading recommendations. (b) SEBI vide letter dated 04.01.2016 also sought clarification from Zenith with respect to its unregistered investment advisory activities. (c) An ICICI Bank account bearing account No. 657xxxxxx786 was found to be mentioned on the webpages of Zenith with various securities market products mentioned on the website www.zenithresearch.co.in. Following details are noted from the documents provided by ICICI Bank for the account number 657xxxxxx786:- Account No.657xxxxxx786 Account Name : Zenith Research Services Address : 220, A Bansi Trade Centre, IInd Floor, 581/5, M.G.Road, Indore, Madhya Pradesh – 452001. Mobile : 99xxxxxx54 PAN – AABFZ3937C Constitution : Partnership Partners Name : Preetam Singh Rajput and Anurag Shrivastav Mobile Number registered against Partners Name : 99xxxxxx54 Email mentioned against partners name : preetammoury@gmail.com Type of industry and type of profession (as per AOF) : Advisory and Finance Address of Preetam Singh Rajput (as per KYC) – 22, Satyam Vihar Colony, Indore, MP. Address of Preetam Singh Rajput (as per Partnership Deed) : H.No.7, 24, Bungalow, Bajrang Nagar, Indore (M.P)
Order in respect of Zenith Research Services Page 4 of 24 Further, the type of industry and type of profession is mentioned as Advisory and Finance in the AOF provided by ICICI Bank. Therefore, it was observed that Anurag Shrivastav was one of the partners in both Zenithvia and Zenith. (e) Following is mentioned on the webpages of the website of Zenith www.zenithresearch.co.in:- “Zenith Research is a company promoted by a group of highly experienced professionals dedicated towards providing an umbrella of Indian Stock Market solutions under one roof. Zenith Research core strength lie in creativity, enriching each client relationship through disciplined services and intensive research based approach. We are one of the accomplished hints delivering concern in India. We give Indian stock market Equity, subsidiary additionally Stocks Nifty, Options recommendations on intraday basis. We perceive needs and confinements of different sorts of traders and investors. On the off chance that the clients suggests a profitable suggestion we will alter our service which suit’s him/her and by. We guide customer to become a successful trader in the market with affordable cost of service. We offer tips through SMS and also clarifies your valuable during market hours. We offer customer service through various modes like live chat, messenger support as week as though phone calls. So, the customer can ask his doubts in any modes during in market hours. The customer service is the one of the bigge
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Source: SecMarx — sebi:QJA/AA/WRO/WRO/29608/2023-24. 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.