sebi:QJA/GR/NRO/NRO/30057/2023-24
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Violation found; refund of advisory fees, 2-year securities market debarment and monetary penalty imposed jointly and severally
Provisions invoked
- s. 15
- s. 12(1)
- s. 11B
- s. 12
- s. 11
- s. 15H
- s. 15J
- s. 15F
- s. 28A
- s. 15E
Regulations
- Reg. 4
- Reg. 3
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 2(1)(m)
- Reg. 2(1)(g)
Parties
- M/s NIFM Equity and Commodity Research
- Ritesh Singh Pundir
- Arvind Kumar
Holding
The Noticees acted as an investment adviser without SEBI registration in violation of Section 12(1) of the SEBI Act read with Regulation 3(1) of the IA Regulations and were directed to refund Rs.25,20,474.26, debarred from the securities market for two years, and penalized Rs.2,00,000 each under Sections 15EB and 15HB.
Full text
_____________________________________________________________________________________________ Order in the matter of unregistered investment advisory by NIFM Equity and Commodity Research Page 2 of 18
_____________________________________________________________________________________________ Order in the matter of unregistered investment advisory by NIFM Equity and Commodity Research Page 3 of 18
_____________________________________________________________________________________________ Order in the matter of unregistered investment advisory by NIFM Equity and Commodity Research Page 4 of 18
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Source: SecMarx — sebi:QJA/GR/NRO/NRO/30057/2023-24. 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.