sebi:QJA/AA/WRO/WRO/30174/2023-24
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Facts / Headnote
Noticees held liable for unregistered investment advisory and portfolio management services and fraudulent/unfair trade practices; directed to refund amounts collected, restrained from securities market activities, and imposed penalties.
Provisions invoked
- s. 11B
- s. 11
- s. 19
- s. 12(1)
- s. 11(1)
- s. 12A
- s. 12
- s. 15H
- s. 15J
- s. 15F
- s. 28A
- s. 15E
- s. 419
Regulations
- Reg. 3
- Reg. 2
- Reg. 3(a)
- Reg. 3(1)
- Reg. 2(1)(m)
- Reg. 4(2)(k)
Parties
- Mr. Vishal Lath (Proprietor of Maxx Innovation Growth)
- Mr. Jitendra Bharbhuja (Proprietor of Maxx Innovation)
- Mr. Vipin Sharma
Holding
The Noticees were found to have carried on unregistered investment advisory and portfolio management services in violation of Section 12(1) of the SEBI Act read with Regulation 3(1) of the IA Regulations and Regulation 3 of the PMS Regulations, and their conduct of promising guaranteed returns constituted fraudulent and unfair trade practices under Section 12A(a),(b),(c) of the SEBI Act read with Regulations 3(a),(b),(c),(d), 4(1) and 4(2)(k) of the PFUTP Regulations. The Noticees were directed to refund amounts collected, restrained from securities market activities, and imposed penalties of Rs. 1,00,000 under Section 15EB and Rs. 5,00,000 under Section 15HA each (total Rs. 18,00,000).
Full text
Order in the matter of Unregistered Investment Advisory Services and Portfolio Manager Services by Maxx Innovation Growth and Maxx Innovation
Order in the matter of Unregistered Investment Advisory Services and Portfolio Manager Services by Maxx Innovation Growth and Maxx Innovation
Order in the matter of Unregistered Investment Advisory Services and Portfolio Manager Services by Maxx Innovation Growth and Maxx Innovation
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Source: SecMarx — sebi:QJA/AA/WRO/WRO/30174/2023-24. 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.