sebi:QJA/SS/MIRSD/MIRSD-SEC-4/31416/2025-26
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Charges established; penalties imposed (specific penalty not stated in excerpt)
Provisions invoked
- s. 19
- s. 12A
- s. 12
- s. 12(3)
- s. 65B
- s. 63
- s. 1(2)
Regulations
- Reg. 7
- Reg. 4
- Reg. 3
- Reg. 7(1)
- Reg. 17
- Reg. 25
- Reg. 15
- Reg. 200
- Reg. 2
- Reg. 21
- Reg. 15(1)
- Reg. 23
- Reg. 21(1)
- Reg. 19
- Reg. 7(1)(a)
- Reg. 17(1)
- Reg. 19(1)
- Reg. 27
- Reg. 15(9)
- Reg. 15(13)
Parties
- Capital Ways Investment Adviser (Proprietor: Deepak Ostwal)
Holding
The Noticee was found to have violated multiple provisions of the IA Regulations, PFUTP Regulations, and SEBI Act including fraud, unfair trade practices, suitability failures, non-cooperation with inspection, and failure to maintain records. The DA's findings were upheld and the Noticee's request for leniency was rejected.
Full text
Order in respect of Capital Ways Investment Adviser (Proprietor .:Deepak Ostwal) Page 2 of 39 3. The instant proceedings have commenced pursuant to the above Report and consequent Show Cause Notice (“SCN”) dated 03.01.2025 as required under the Intermediaries Regulations. The Noticee replied to the SCN, vide email dated 27.01.2025 inter alia making the following submissions: -
Order in respect of Capital Ways Investment Adviser (Proprietor .:Deepak Ostwal) Page 3 of 39 mentioned in our website” “Investment in Stock / Commodity / Currency Markets is subject to market risk.” Moreover, in the welcome mail, sent to all the clients, it was clearly stated, inter alia, that investment is subject to market risks, there are no surety or assurance or accuracy of return is not guaranteed. 3.7 The call recordings unless coupled with a Certificate under Section 65B of Evidence Act and verified with a Forensic Science Laboratory Report cannot be relied upon and thus without verification of call details, the said recordings cannot be held against the Noticee. Furthermore, the SEBI in the matter of Star World Research, Winway Research and other matters has held such recordings to be unreliable and dropped such
Order in respect of Capital Ways Investment Adviser (Proprietor .:Deepak Ostwal) Page 4 of 39 made by the Noticee vide reply dated 27.01.2025. However, he fairly admitted the
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:QJA/SS/MIRSD/MIRSD-SEC-4/31416/2025-26. 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.