sebi:QJA/GG/WRO/WRO/22948/2022-23
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Facts / Headnote
SCN disposed qua Noticee No.3 (Wealth Creator Services) without directions; Noticee Nos. 1, 2 and 4 held to be unregistered investment advisers, directed to refund advisory fees (to be quantified by independent Chartered Accountant), restrained from securities market for one year or till filing of compliance report whichever is later, prohibited from selling assets except for refunds, and imposed Rs.10,00,000 joint and several penalty.
Provisions invoked
- s. 11B
- s. 19
- s. 11(1)
- s. 12(1)
- s. 15E
Regulations
- Reg. 3
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 2(1)(m)
Parties
- SK Financial Services
- Amore Growth Advisory Services
- Wealth Creator Services
- Satish Kumar Dubey
Holding
Noticee Nos. 1 (SK Financial Services), 2 (Amore Growth Advisory Services) and 4 (Satish Kumar Dubey, proprietor) acted as unregistered investment advisers in violation of Section 12(1) of the SEBI Act read with Regulation 3(1) of the IA Regulations; Noticee No.3 was given benefit of doubt and exonerated.
Full text
Final Order in the matter of SK Financial Services and Others Page 2 of 26 c. Contact Number —810xxxx565 d. Bank Name — ICICI Bank e. Branch Name — Vijay Nagar, Indore f. Bank Info — SK Financial Services g. IFSC Code- ICICxxxx859 h. Account Number – 18590xxxx338 i. Business Name — SK Financial Services j. PAN ID-ARFPD9419C
Final Order in the matter of SK Financial Services and Others Page 3 of 26 4. SEBI sought information from HDFC Bank relating to account No. 50100xxxx0492.On the basis of information furnished by HDFC Bank, SEBI found: - a) The account was salary account opened in the name of Satish Kumar Dubey;
Final Order in the matter of SK Financial Services and Others Page 4 of 26 6. SEBI found that Satish Kumar Dubey maintained various merchant accounts with PayUmoney which were connected to different bank accounts held with ICICI Bank, Indusind Bank and HDFC Bank. SEBI sought information relating to above mentioned bank accounts from ICICI Bank, Indusind Bank and HDFC Bank.
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Source: SecMarx — sebi:QJA/GG/WRO/WRO/22948/2022-23. 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.