sebi:QJA/VS/NRO/NRO/22624/2022-23
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Facts / Headnote
Violations established; Noticees directed to jointly and severally refund Rs 9,47,950, debarred from securities market for one year or till six months after completion of refunds whichever is later, restrained from unregistered advisory, and each penalized Rs 5,00,000 under Section 15HA
Provisions invoked
- s. 15
- s. 19
- s. 12(1)
- s. 12A
- s. 12
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 2(1)(c)
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 2(1)(m)
Parties
- Kamaljeet Singh
- Navneet Singh
Holding
Both Noticees jointly carried out unregistered investment advisory through www.getcommoditytips.com in violation of Section 12(1) SEBI Act read with Regulation 3(1) IA Regulations and committed fraud in violation of Section 12A SEBI Act and Regulations 3 and 4(2)(k),(s) PFUTP; they were ordered to jointly and severally refund Rs 9,47,950, debarred for one year, and fined Rs 5,00,000 each.
Full text
Order in the matter of www.getcommoditytips.com Page 2 of 33 3. In reply to the emails / letters, Noticee no. 2, inter alia, submitted that “My name is Navneet Kumar and I am proprietor of openweb solutions. Activities carried out include website designing, custom software development, domain name registration/web hosting etc. My business does not require SEBI registration. Bank account details: Punjab & Sind Bank (Ac No 01451100002652), ICICI Bank (Ac No 237705500187), SBI (Ac No 36754214599) and Axis Bank (Ac No 917020034864619). My line of work does not include financial advisory or activities related to securities market. However I have developed some softwares / websites for my customers who deals in commodity, equity market. This web based software price comparison and based on zerodha API who use to send automated SMS when certain conditions reaches. Till date I have developed approx 300+ websites (150+ renewals till date)”. Copy of tax filings filed for FY 2017-18, 2018-19 and 2019-20, bank statements and list of the entities to whom he offered software package/services, were also provided by him.
Order in the matter of www.getcommoditytips.com Page 3 of 33 5. As regards Noticee no. 1, no reply was received from him to the emails sent by SEBI and the letters dated September 29, 2020, October 29, 2020 and November 5, 2020 sent by SEBI to various available addresses of Noticee no. 1 returned undelivered.
Order in the matter of www.getcommoditytips.com Page 4 of 33 and penalty under sections 11 (1), 11 (4), 11 B (1), 11 (4A) and 11 B (2) read with section 15 HA of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”) for violations of section 12(1), 12A (a), (b) and (c) of the SEBI Act read with regulation 3(1) of SEBI (Investment Advisers) Regulations, 2013 (“IA Regulations”) and regulations 3 (a), (b), (c), (d), 4 (2) (k) and 4 (2)(s) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (“PFUTP Regulations”) should not be issued against them for the alleged violations.
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Source: SecMarx — sebi:QJA/VS/NRO/NRO/22624/2022-23. 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.