sebi:WTM/AB/NRO/NRO/26999/2023-24
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Facts / Headnote
Noticees found in violation of Section 12(1) of SEBI Act, 1992 read with Regulation 3(1) of IA Regulations, 2013; directed to refund Rs. 63.03 lakhs to clients, debarred from securities market for 6 months, and restrained from undertaking investment advisory activities without registration.
Provisions invoked
- s. 11B
- s. 19
- s. 12(1)
- s. 12
- s. 27
Regulations
- Reg. 3
- Reg. 2(1)
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 2(1)(m)
- Reg. 2(m)
Parties
- M/s. Mission Believe (Noticee no. 1)
- Noticee no. 2
- Noticee no. 3
- Noticee no. 4
- Noticee no. 5
Holding
Noticee no. 1 (M/s. Mission Believe) and its partners were found to have acted as unregistered investment advisers by offering tips and MCX advisory services for consideration, in violation of Section 12(1) of the SEBI Act, 1992 read with Regulation 3(1) of the IA Regulations, 2013. The Noticees were directed to refund Rs. 63.03 lakhs collected from 1,426 clients and debarred from the securities market for 6 months.
Full text
Final Order in the matter of M/s. Mission Believe Page 2 of 23 2. The facts of the case, as mentioned in the SCN are as follows: a. SEBI had received a complaint dated March 14, 2018 against Noticee no. 1, stating that the Noticee takes registration fee ranging from Rs. 10,000 to Rs. 50,000 in the name of education/training and provide false promise of profit of Rs. 2,500 to Rs. 10,000 per day or much more in commodity market MCX. In the name of education/training the Noticee sold their tips as tips provider under the name of MCX advisory. The complainant also provided certain documents such as pamphlet, screenshots of social media posts of Noticee no. 2 and contents of website of Noticee no. 1, i.e. www.missionbelieve.com. b. Examination of the aforesaid complaint including analysis of extracts of the archived website of Noticee no. 1, social media posts, bank account statement of Noticee no. 1 and the information provided by the complainant and Noticees revealed that Noticee no. 1 was providing stock tips/MCX advisory via SMS for a fee and with an assurance of return. The terms and conditions as mentioned in the registration form signed by the complainant and countersigned by one of the partners of Noticee no. 1 mentioned providing tips, pamphlets of Noticee no. 1 mentioned that Noticee no. 1 is an “MCX Advisory” and notifies the general public that one “can earn Rs. 1,500/- to Rs. 2500/- per day without risk”, the power point presentation made by Noticee no. 1, under the h
Final Order in the matter of M/s. Mission Believe Page 3 of 23 2018 and February 27, 2019, inter-alia, admitted that the contents mentioned in their website was against certain rules and regulations of SEBI, thus they have discontinued the website. From the archived pages of said website, it was observed that the following was mentioned on the said website: “Welcome to Mission Believe: We predict daily trends as well as the trends for next 3-7 days. We will also guide you when to buy/sell and will help you in maximizing your profits.”
Final Order in the matter of M/s. Mission Believe Page 4 of 23 “Mission Believe is committed to emerge as a globally recognized stock exchange with an endeavour to create a nation of informed investors. To be one of the most trusted & globally reputed financial distribution companies.”
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Source: SecMarx — sebi:WTM/AB/NRO/NRO/26999/2023-24. 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.