sebi:QJA/KS/WRO/WRO/28945/2023-24
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Facts / Headnote
Noticees held to have acted as unregistered investment adviser and engaged in fraudulent practice; directed to jointly refund Rs. 1,06,79,486 to clients subject to verification/certification and held liable for penalty under Sections 15HA and 15HB; order to come into force with immediate effect.
Provisions invoked
- s. 11B
- s. 11
- s. 11(1)
- s. 12(1)
- s. 12A
- s. 12
- s. 15H
- s. 15J
- s. 15F
- s. 28A
Regulations
- Reg. 4
- Reg. 3
- Reg. 2(1)(c)
- Reg. 4(1)
- Reg. 4(2)
- Reg. 2
- Reg. 3(a)
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 2(1)(m)
- Reg. 4(2)(k)
- Reg. 2(1)(b)
- Reg. 2(1)(g)
Parties
- Bourse India Investment Advisor / Bourse India Advisory (Noticee 1)
- Mr. Shenkey Chaurasia / Chourasia (Noticee 2)
- Mr. Aakash Joshi (Noticee 3)
- Mr. Hariom Sharan Patel (Noticee 4)
- Mr. Gaurav Kumar (Noticee 5)
Holding
The Noticees acted as and held themselves out as investment advisers without SEBI registration in violation of Section 12(1) SEBI Act read with Regulation 3(1) IA Regulations, and by false/misleading website representations violated Section 12A(a),(b),(c) SEBI Act read with Regulations 3(a)-(d), 4(1) and 4(2)(k) PFUTP Regulations, and are liable to refund Rs. 1,06,79,486 and to penalty under Sections 15HA and 15HB.
Full text
_____________________________________________________________________________________________ Order in the matter of unregistered investment advisory by Bourse India Investment Advisor Page 2 of 39
_____________________________________________________________________________________________ Order in the matter of unregistered investment advisory by Bourse India Investment Advisor Page 3 of 39
_____________________________________________________________________________________________ Order in the matter of unregistered investment advisory by Bourse India Investment Advisor Page 4 of 39
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Source: SecMarx — sebi:QJA/KS/WRO/WRO/28945/2023-24. 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.