sebi:QJA/GG/QJC/QJC-2/25931/2023-24
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Directions issued including refund to investors, public notice, filing of completion report, and payment of penalty
Provisions invoked
- s. 19
- s. 12(1)
- s. 12A
- s. 15H
- s. 15C
- s. 15E
Regulations
- Reg. 7
- Reg. 9
- Reg. 15
- Reg. 3(a)
- Reg. 15(1)
- Reg. 13(a)
- Reg. 7(2)
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 2(1)(m)
- Reg. 21(1)
- Reg. 12(1)
- Reg. 15(9)
- Reg. 17(a)
- Reg. 21
- Reg. 15H
- Reg. 4(2)(o)
- Reg. 16(a)
- Reg. 6(b)
- Reg. 15C
Parties
- Noticee No. 1 (Amit Gangrade)
- Noticee No. 2
Holding
The Noticees were found to have violated multiple provisions of the IA Regulations, PFUTP Regulations and the SEBI Act, including failure to conduct risk profiling and suitability analysis, non-redressal of investor grievances, non-possession of valid NISM certification, charging unreasonable fees, fraud and unfair trade practices, and collusion between Noticee No. 1 and Noticee No. 2 to defraud investors. Directions were issued including refund of amounts to investors, public notice, and payment of penalty.
Full text
__________________________________________________________________________________________ Order in the matter of Investment Research Advisor Page 2 of 29
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Source: SecMarx — sebi:QJA/GG/QJC/QJC-2/25931/2023-24. 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.