sebi:QJA/GR/MIRSD/MIRSD-SEC-5/31375/2025-26
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Noticee held liable for violations of Section 12(1) of the SEBI Act read with Regulation 3 of the PMS Regulations; directions issued
Provisions invoked
- s. 11
- s. 19
- s. 12(1)
- s. 11(3)
- s. 12
- s. 11(2)
- s. 27
- s. 27(1)
- s. 23H
- s. 12A
Regulations
- Reg. 3
- Reg. 4(1)
Parties
- Mr. Kalapi Shah
Holding
The Noticee, Mr. Kalapi Shah, was found responsible for the actions of TMAPL under Section 27(1) of the SEBI Act and held to have violated Section 12(1) of the SEBI Act read with Regulation 3 of the PMS Regulations for aiding and abetting ASBPL in providing PMS services without registration.
Full text
_____________________________________________________________________________________________ Order against Mr. Kalapi Shah in the matter of Anugrah Stock & Broking Private Limited Page 2 of 22
_____________________________________________________________________________________________ Order against Mr. Kalapi Shah in the matter of Anugrah Stock & Broking Private Limited Page 3 of 22
_____________________________________________________________________________________________ Order against Mr. Kalapi Shah in the matter of Anugrah Stock & Broking Private Limited Page 4 of 22
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Source: SecMarx — sebi:QJA/GR/MIRSD/MIRSD-SEC-5/31375/2025-26. 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.