sebi:WTM/AB/SEBI/ERO/25/2019
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Facts / Headnote
Ex parte ad interim directions issued restraining noticees from the securities market, freezing asset/bank/demat debits except for client payouts under exchange supervision, and ordering forensic audit.
Provisions invoked
- s. 19
Regulations
- Reg. 36
- Reg. 9
- Reg. 17
- Reg. 35
- Reg. 9(g)
- Reg. 59(2)
Parties
- BRH Wealth Kreators Limited (formerly BMA Wealth Creators Limited)
- Shiv Kumar Damani
- Anubhav Bhatter
- Murgesh Devashrayi
- BRH Commodities Private Ltd. (formerly BMA Commodities Pvt. Ltd.)
- Prosperous Vyapaar Private Limited
- Polo-Setco Tie Up Private Limited
- Parton Commercial Private Limited
Holding
SEBI restrained BRH Wealth Kreators Ltd. and seven connected noticees from accessing, dealing in or being associated with the securities market till further directions and froze debits in their demat and bank accounts except for client payouts under exchange supervision.
Full text
Interim order in the matter of BRH Wealth Kreators Limited (Formerly BMA Wealth Creators Ltd.) Page 2 of 18 Derivatives, and Currency Derivatives. Its subsidiary company ‘BRH Commodities Private Limited’ (formerly BMA Commodities Pvt. Ltd) is a member of Multi Commodity Exchange of India Ltd and National Commodity & Derivatives Exchange Ltd.
Interim order in the matter of BRH Wealth Kreators Limited (Formerly BMA Wealth Creators Ltd.) Page 3 of 18 Dominant shareholder 1 Anubhav Bhatter
Interim order in the matter of BRH Wealth Kreators Limited (Formerly BMA Wealth Creators Ltd.) Page 4 of 18 5. SEBI had received an email dated September 26, 2019 from NSE, addressed to market infrastructure institutions along with a copy to SEBI, informing that they had undertaken a reconciliation of the security holding/monthly client funds & securities balances submission with the Depository Participant (hereinafter referred as “DP”) records as on August 30, 2019 and during such reconciliation, NSE had observed significant mismatches and inconsistencies in the balances reported by BMA. A shortfall of around Rs.100 crores worth of client securities was observed as compared to the actual DP record as on August 30, 2019. BMA, in its communication to NSE, had attributed the shortfall to software issue.
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Source: SecMarx — sebi:WTM/AB/SEBI/ERO/25/2019. 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.