sebi:SEBI/WTM/MPB/IMD/ILO/26/2019
Facts / Headnote
Application for stay dated February 22, 2019 disposed of; operation of interim order dated February 8, 2019 not stayed
Provisions invoked
- s. 11B
- s. 11
- s. 12A
Regulations relied on
- SEBI (Investment Advisers) Regulations, 2013
- SEBI (PFUTP) Regulations, 2003
Parties
- Zoid Research
- Mr. Tabrez Khan
Holding
The Whole Time Member refused to stay the operation of the ex-parte interim order dated February 8, 2019 against Zoid Research / Mr. Tabrez Khan and disposed of the stay application dated February 22, 2019 accordingly.
Full text
Order in the matter of Zoid Research Page 2 of 13 a) Section 12A(a), (b) and (c) of the SEBI Act, 1992 and regulations 3 (b), (c) and (d) and 4(1) and 4(2) (k) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (“PFUTP Regulations”). b) Regulation 16 of the IA Regulations. c) Regulation 17 of the IA Regulations. d) Regulation 7(2) of the IA Regulations. e) Regulation 21 of the IA Regulations read with SEBI Circular CIR/OIAE/2014 dated December 18, 2014. f) Clause 1, 2, 3, 4, 5, 6 and 8 of the Code of Conduct for Investment Advisers read with regulation 15(9) of IA Regulations.
Order in the matter of Zoid Research Page 3 of 13 e) The depositories are directed to ensure that till further directions no debits are made in the demat accounts, of Mr. Tabrez Khan / Zoid Research held jointly or severally. f) The banks are directed to ensure that till further directions, no debits are made in the bank accounts held by Mr. Tabrez Khan / Zoid Research jointly or severally. g) The Registrar and Transfer Agents are also directed to ensure that till further directions the securities held in the name of Mr. Tabrez Khan / Zoid Research, jointly or severally, are not transferred.
Order in the matter of Zoid Research Page 4 of 13 6. Considering that the reply filed by Zoid research contains annexures of more than 1000 pages, and the requisite appreciation thereof would require considerable time, SEBI filed an application before Hon’ble SAT seeking extension of timeline which was stipulated by Hon’ble SAT vide the above mentioned order dated February 20, 2019. The said application seeking extension of time filed by SEBI was heard by Hon’ble SAT on February 27, 2019, and the Hon’ble SAT was pleased to dispose of the same with the following observations:
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Source: SecMarx — sebi:SEBI/WTM/MPB/IMD/ILO/26/2019. 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.