sebi:WTM/AB/MIRSD/HO/40/2019-20
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Facts / Headnote
Confirmed the directions issued in the interim order dated October 07, 2019 against Noticee no. 1 to 5; preliminary findings against Noticee no. 6, 7 and 8 deemed confirmed
Provisions invoked
- s. 19
Regulations
- Reg. 9
- Reg. 17
- Reg. 59(2)
- Reg. 36
Parties
- BRH Wealth Kreators Limited (Formerly BMA Wealth Creators Ltd.) (Noticee no. 1)
- Noticee no. 2
- Noticee no. 3
- Noticee no. 4
- Noticee no. 5
- Noticee no. 6
- Noticee no. 7
- Noticee no. 8
- Noticee no. 9
Holding
The directions issued in the interim order dated October 07, 2019 against Noticee no. 1 to 5 are confirmed as they failed to make out any case for revocation and the prima facie violations hold good.
Full text
Confirmatory order in the matter of BRH Wealth Kreators Limited (Formerly BMA Wealth Creators Ltd.) Page 2 of 16 securities, either directly or indirectly, or being associated with the securities market in any manner whatsoever, till further directions; (ii) The Noticees shall cease and desist from undertaking any activity in the securities market, directly or indirectly, in any manner whatsoever till further directions; (iii) The Noticees are directed not to dispose of or alienate any assets, whether movable or immovable, or to create or invoke or release any interest or charge in any of such assets except with the prior permission of NSE and BSE; (iv) The Noticees are directed to provide a full inventory of all their assets, whether movable or immovable, or any interest or investment or charge in any of such assets, including details of all their bank accounts, demat accounts and mutual fund investments immediately to NSE and BSE but not later than 5 working days from the date of receipt of this order; (v) Till further directions in this regard, the assets of the Noticees shall be utilized only for the purpose of payment of money and / or delivery of securities, as the case may be, to the clients / investors under the supervision of the concerned exchanges/depositories; (vi) The depositories are directed to ensure that no debits are made in the demat accounts, held jointly or severally, of the aforesaid Noticees and persons except for the purpose mentioned in sub-para (v) a
Confirmatory order in the matter of BRH Wealth Kreators Limited (Formerly BMA Wealth Creators Ltd.) Page 3 of 16 against the member and may return the amount of client fund and securities to the clients and may also use assets of the Noticee no. 1 to meet clients’/exchanges’/clearing members’/clearing corporations’, obligations.”
Confirmatory order in the matter of BRH Wealth Kreators Limited (Formerly BMA Wealth Creators Ltd.) Page 4 of 16 5. The interim order also granted the Noticees an opportunity of personal hearing on November 11, 2019. However, on requests received from the Noticees no. 1 to 5 vide letter dated November 07, 2019, the hearing was rescheduled to December 11, 2019 for these Noticees. The Noticee no. 6 to 9 neither made any request for adjournment nor they appeared for hearing on November 11, 2019. The Noticees no. 1 to 5 availed opportunity of personal hearing.
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Source: SecMarx — sebi:WTM/AB/MIRSD/HO/40/2019-20. 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.