sebi:WTM/AB/MIRSD/MIRSD-SEC-4/21079/2022-23
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Violations established against Noticees No. 1, 2 and 3; monetary penalty of ₹50 lakhs imposed on Noticee No. 1 under Section 23D of SCRA; Noticees No. 2 and 3 restrained from directorial/managerial positions for 7 years; joint and several liability to refund monies to clients under NSE supervision; directions vacated against Noticees No. 4 to 8.
Provisions invoked
- s. 11
- s. 19
- s. 12(1)
- s. 12A
- s. 12
- s. 15H
- s. 23J
- s. 23
- s. 23D
- s. 12A(1)
Regulations
- Reg. 3
- Reg. 9(f)
- Reg. 9
- Reg. 42(3)
- Reg. 42
Parties
- Allied Financial Services Pvt. Ltd.
- Awanish Kumar Mishra
- Jitendra Kumar Tiwari
- Money Mishra Financial Services
- Money Mishra Overseas Pvt. Ltd.
- Pankaj Garg
- Jitender Malhotra
Holding
AFSPL was found to have committed multiple violations of securities laws including non-availability of client funds (₹94.42 crore shortfall), misuse of client funds (₹17.76 crore), misappropriation of client funds, non-segregation of accounts, failure to maintain net worth, and mis-reporting to NSE. Noticees No. 2 and 3, as directors, were held liable for the company's contraventions.
Full text
__________________________________________________________________________________________ Order in the matter of Allied Financial Services Pvt. Ltd. 1 /31
__________________________________________________________________________________________ Order in the matter of Allied Financial Services Pvt. Ltd. 2 /31
__________________________________________________________________________________________ Order in the matter of Allied Financial Services Pvt. Ltd. 3 /31
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Source: SecMarx — sebi:WTM/AB/MIRSD/MIRSD-SEC-4/21079/2022-23. 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.