sebi:WTM/AB/CFD/DCR-3/23113/2022-23
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Facts / Headnote
Interim order cum SCN dated January 24, 2022 revoked; SCN disposed of without any further directions.
Provisions invoked
- s. 11B
Regulations
- Reg. 7
- Reg. 4
- Reg. 7(1)
- Reg. 6
- Reg. 13
- Reg. 3
- Reg. 2(1)
- Reg. 15
- Reg. 14
- Reg. 14(1)
- Reg. 14(3)
- Reg. 12
- Reg. 27
- Reg. 27(5)
- Reg. 2(1)(p)
- Reg. 27(2)
Parties
- Fast Track Finsec Private Limited
Holding
The Noticee was found to have violated Regulation 27(5) read with Regulation 13 of the Merchant Bankers Regulations for delay in making public announcements in the open offers of Spaceage, Specular, Oracle, Sea Gold and AKM Lace, for incorrect calculation of offer size in Spaceage, and for wrong disclosures in offer documents of Spaceage and Specular; however, considering that the Noticee had already undergone one year of restraint, the interim order was revoked and the SCN disposed of without any further directions.
Full text
Final order in the matter of Fast Track Finsec Private Limited Page 2 of 28 2. The interim order cum SCN also called upon FTFPL to show cause as to why suitable directions/prohibitions, including restraining the Noticee from acting as a Merchant Banker for an appropriate period or any other direction as deemed fit, under Sections 11, 11(4), and 11B of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act, 1992”) should not be issued against it.
Final order in the matter of Fast Track Finsec Private Limited Page 3 of 28 AKM Lace and Embrotex Limited September 06, 2021 September 07, 2021 1 day
Final order in the matter of Fast Track Finsec Private Limited Page 4 of 28 Trekkingtoes.com, which was managed by the FTFPL. It is noted that the complaint was filed by one Mr. Sahil Agarwal, who was one of the directors of Trekkingtoes.com. It was alleged in the complaint, that a portion of the siphoned off funds were utilised for meeting the expenses incurred in obtaining a Category-I Merchant Banking license by GYR Capital Advisors Private Limited (GYR) alleged to be a related entity of FTFPL. In the preliminary examination conducted by SEBI on the
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Source: SecMarx — sebi:WTM/AB/CFD/DCR-3/23113/2022-23. 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.