sebi:WTM/AB/IMD-CIS/SRO/17/2019-20
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Facts / Headnote
Directions issued against Noticees except Noticee no. 3 restraining CIS activity and market access; proceedings against Noticee no. 3 abated on death; no separate SEBI refund direction issued
Provisions invoked
- s. 11A
- s. 19
- s. 12
Regulations
- Reg. 65
- Reg. 3
Parties
- Wisdom Agro Tech India Ltd. (Noticee no. 1)
- Noticee no. 2
- Noticee no. 3
- Noticee no. 4
- Noticee no. 5
- Noticee no. 6
- Noticee no. 7
Holding
The schemes of Wisdom Agro Tech India Ltd. were unregistered CIS in violation of Section 12(1B) and Regulation 3, and Noticees except deceased Noticee no. 3 were restrained from CIS fund mobilisation and from securities market for four years or till TNPID proceedings complete, without a separate SEBI refund order.
Full text
Order in the matter of Wisdom Agro Tech India Ltd. Page 2 of 9 carrying on activities of ‘collective investment scheme’ (hereinafter referred to as “CIS”) as defined under Section 11AA of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”). In view of the findings of the preliminary examination, SEBI passed an ad-interim ex parte order cum show cause notice on December 10, 2014 (hereinafter referred to as ‘the interim order’) against the Noticees, inter-alia directing the following:
Order in the matter of Wisdom Agro Tech India Ltd. Page 3 of 9 submissions and documents produced by the Company and also seek further documents information as required.”
Order in the matter of Wisdom Agro Tech India Ltd. Page 4 of 9 8. For making the aforesaid allegations against the Noticees, SCN relied upon certain documents which were annexed to the SCN and the details of which are as hereunder:
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Source: SecMarx — sebi:WTM/AB/IMD-CIS/SRO/17/2019-20. 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.