sebi:QJA/GR/NRO/NRO-DIV-III/31091/2024-25

SEBI · SEBI · 2023-10-26 · G Ramar, Quasi Judicial Authority, Securities and Exchange Board of India

Reviewed by Varun Matlani, Advocate — Securities Lawyer practicing in SAT and SEBI

Facts / Headnote

Noticee found in violation of Section 12(1) of SEBI Act read with Regulation 3(1) of IA Regulations; penalty imposed under Sections 15EB/15HB; PFUTP violations not established; refund of fees directed

Provisions invoked

s. 12(1)
s. 11B
s. 12A
s. 11
s. 15H
s. 12
s. 15J
s. 15F
s. 28A
s. 15E

Regulations relied on

SEBI (Investment Advisers) Regulations, 2013 — 3(1)
SEBI (PFUTP) Regulations, 2003 — 3(a)
SEBI (PFUTP) Regulations, 2003 — 3(b)
SEBI (PFUTP) Regulations, 2003 — 3(c)
SEBI (PFUTP) Regulations, 2003 — 3(d)
SEBI (PFUTP) Regulations, 2003 — 4(2)(k)
SEBI (PFUTP) Regulations, 2003 — 4(2)(s)

Parties

M/s Profit Trades
Mr. Sunil Grover

Holding

The Noticee was found to have provided investment advisory services without requisite SEBI registration, violating Section 12(1) of the SEBI Act read with Regulation 3(1) of the IA Regulations, and was held liable for penalty under Sections 15EB/15HB. However, allegations of fraudulent and misleading conduct under Section 12A and PFUTP Regulations were not established.

Full text

_____________________________________________________________________________________________ Order in the matter of unregistered investment advisery services/activities by M/s Profit Trades, Proprietor- Mr. Sunil Grover

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Source: SecMarx — sebi:QJA/GR/NRO/NRO-DIV-III/31091/2024-25. 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.