sebi:QJA/GG/WRO/WRO/26637/2023-24
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Facts / Headnote
SCN dated March 06, 2023 disposed off; violation not established
Provisions invoked
- s. 11
- s. 12(1)
- s. 12
- s. 15E
Regulations
- Reg. 3
- Reg. 2
- Reg. 3(1)
- Reg. 2(1)(m)
- Reg. 2(m)
- Reg. 2(l)
Parties
- Gunjan Verma
Holding
The SCN dated March 06, 2023 against Gunjan Verma was disposed off as violation of Section 12(1) of the SEBI Act, 1992 read with Regulation 3(1) of the IA Regulations was not established.
Full text
Order in the matter of unregistered investment advisory by Gunjan Verma Page 2 of 11 2021 provided the details of amount credited in its account from only the complainant, amounting to ₹2,50,175. It was further stated by the Noticee that she had refunded an amount of ₹1,27,004 to the google pay account of the complainant. Since the Noticee had provided only the details of complainant, SEBI vide its letter dated August 16, 2021, advised the Noticee to provide information pertaining to amounts collected from all other investors/clients. In response to the aforesaid letter, the Noticee vide an undated letter, received on September 01, 2021, stated that she had received amount from the complainant and further informed that she had also received money from one Ms. Swati Gupta. It was claimed by the Noticee that ₹1,90,000 was received from Ms. Swati Gupta, out of which ₹37,841 had been returned to her in the same account. Further, SEBI vide its letter dated August 18, 2021, advised the Noticee to provide details with regard to certain credit entries appearing in its bank account. In response thereto, the Noticee vide another undated letter received by SEBI on September 13, 2021, while providing the details of the credit entries, claimed that such credit entries were from various individuals whom the Noticee claimed to be her friends and relatives. The Noticee claimed that the last two entries mentioned in SEBI’s letter dated August 18, 2021 were from one Mr. Vinay Goyal.
Order in the matter of unregistered investment advisory by Gunjan Verma Page 3 of 11 4.1. The Complainant had inter alia alleged that the Noticee opened her demat account in Goodwill Wealth Management Private Limited. and promised commitment of profits and received ₹2,50,000 from her.
Order in the matter of unregistered investment advisory by Gunjan Verma Page 4 of 11 4.5. Upon perusal of the bank account of the complainant, it was observed that there were multiple credit entries in the bank account from the Noticee. SEBI, vide email dated November 04, 2022, sought information from the complainant on the credit of funds from the Noticee. The complainant vide her email dated November 07, 2022 informed that the Noticee had promised to give a fixed profit but also asked for 50% share in profits also. The complainant further stated that the Noticee was returning money to prove that she was earning money from the complainant’s capital and this was being done for the purpose of building confidence, however, the Noticee then took all the money from the complainant. Further, upon perusal of the bank account statement of the complainant, it was observed that there were multiple entries in her bank account with the narration like ‘shares’, ‘crude oil’, ‘profit tue’,’week profi’ etc. to and from the UPI address of the Noticee.
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Source: SecMarx — sebi:QJA/GG/WRO/WRO/26637/2023-24. 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.