sebi:QJA/GR/WRO/WRO/30794/2024-25
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Facts / Headnote
Penalty imposed and restraint directions issued against the Noticee for unregistered investment advisory and fraudulent trade practices
Provisions invoked
- s. 11B
- s. 11
- s. 15A
- s. 12(1)
- s. 12
- s. 15H
- s. 15J
- s. 15E
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 2(1)(m)
- Reg. 8(1)
- Reg. 2(1)(g)
- Reg. 2(1)(c)(1)
Parties
- Priyank Dineshbhai Shah
Holding
The Noticee was found to have violated Section 12(1) of the SEBI Act read with Regulation 3(1) of the IA Regulations and Regulations 3(a)-(d) and 4(1) of the PFUTP Regulations by controlling unregistered investment advisory operations under the name Proworth/Profinity while misusing Gowtham's RA registration. Penalties of Rs.5,00,000 under Section 15A(a), Rs.5,00,000 under Section 15HA, and Rs.1,00,000 under Section 15EB were imposed, along with restraint and prohibition directions.
Full text
_____________________________________________________________________________________________ Order in the matter of unregistered investment advisery by Priyank Dineshbhai Shah Page 2 of 32
_____________________________________________________________________________________________ Order in the matter of unregistered investment advisery by Priyank Dineshbhai Shah Page 3 of 32
_____________________________________________________________________________________________ Order in the matter of unregistered investment advisery by Priyank Dineshbhai Shah Page 4 of 32
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Source: SecMarx — sebi:QJA/GR/WRO/WRO/30794/2024-25. 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.