sebi:WTM/AB/NRO/NRO/15731/2021-22
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Facts / Headnote
Noticees found in violation of Section 12(1B) of SEBI Act, 1992 read with Regulation 3 of CIS Regulations and Regulation 4(2)(t) of PFUTP Regulations. Directions issued to wind up the CIS, refund Rs. 73,65,900 with 10% interest, debar Noticees 1,2,3,4,5,6,7 and 9 from securities market for 3 years, and freeze assets. Proceedings against Noticee No. 8 abated due to death.
Provisions invoked
- s. 11A
- s. 19
- s. 12
- s. 28A
- s. 24
- s. 30
- s. 58A
- s. 11(2)
Regulations
- Reg. 65
- Reg. 3
- Reg. 4(2)(t)
Holding
Big Em Estates and Infrastructures Ltd. and its promoters/directors were found to have carried on an unregistered Collective Investment Scheme (Product B Teak) in violation of Section 12(1B) of the SEBI Act, 1992 read with Regulation 3 of CIS Regulations, and the mobilization of funds through this CIS violated Regulation 4(2)(t) of PFUTP Regulations. The Noticees were directed to wind up the scheme, refund Rs. 73,65,900 with 10% interest, and were debarred from the securities market for three years.
Full text
Final Order in the matter of Big Em Estates & Infrastructures Ltd. Page 1 of 28 WTM/AB/NRO/NRO/15731/2021-22 SECURITIES AND EXCHANGE BOARD OF INDIA FINAL ORDER
Final Order in the matter of Big Em Estates & Infrastructures Ltd. Page 2 of 28 provisions of Section 12(1B) of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act, 1992”) and Regulation 3 of SEBI (Collective Investment Schemes) Regulations, 1999 (hereinafter referred to as “CIS Regulations”) read with Regulation 4(2)(t) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”). By the interim order, following
Final Order in the matter of Big Em Estates & Infrastructures Ltd. Page 3 of 28 Infrastructures Ltd. is holding an account, are directed not to permit any debits / withdrawals and not to allow credits to the said accounts, without the permission of SEBI. 40.4. The Depositories are directed to ensure that till further directions not to permit any debits and not to allow any credits in the demat account(s) of Big Em Estates and Infrastructures Ltd. The Depositories are directed to ensure that till further directions not to permit any debits and not to allow any credits in the demat account(s) of Mr. Munish Sharma, Mr. Raghav Singh, Mr. Rajinder Singh, Ms. Sudhi Singh, Ms. Arti Sharma, Ms. Sharda Bhandari, Mr. Dharam Vir Bhandari and Ms. Prem Lata, held jointly or individually.
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Source: SecMarx — sebi:WTM/AB/NRO/NRO/15731/2021-22. 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.