sebi:QJA/SVMDR/WRO/WRO/22365/2022-23
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Facts / Headnote
Directions issued: refund of ₹61,99,172.50 to investors/clients, public notice for refund claims, and penalty imposed for unregistered investment advisory activities.
Provisions invoked
- s. 11
- s. 15
- s. 19
- s. 12(1)
- s. 11B
- s. 12
- s. 15H
- s. 11D
- s. 15J
- s. 15A
- s. 15F
- s. 15E
Regulations
- Reg. 6
- Reg. 3
- Reg. 3(1)
- Reg. 2(1)(m)
Parties
- Manish Dubey
- Capital Solutions
Holding
The Noticees were found to have carried out investment advisory activities without obtaining registration from SEBI, in violation of Section 12(1) of the SEBI Act, 1992 and Regulation 3(1) of the IA Regulations, 2013. Directions were issued requiring refund of ₹61,99,172.50 collected as advisory fees, along with a public notice for refund claims, and penalty was imposed under Sections 11(4A) and 11B(2) read with Section 15HB of the SEBI Act.
Full text
Order in the matter of Unregistered Investment Advisory Services by Capital Solutions (Proprietor- Manish Dubey) Page 2 of 30
Order in the matter of Unregistered Investment Advisory Services by Capital Solutions (Proprietor- Manish Dubey) Page 3 of 30
Order in the matter of Unregistered Investment Advisory Services by Capital Solutions (Proprietor- Manish Dubey) Page 4 of 30
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Source: SecMarx — sebi:QJA/SVMDR/WRO/WRO/22365/2022-23. 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.