sebi:WTM/AB/SRO/BLO/17/2021-22
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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 money collected from clients within three months, issue public notice, restrained from selling assets except for refunds, debarred from securities market for 2 years, and restrained from associating with listed/public companies or SEBI-registered intermediaries for 2 years.
Provisions invoked
- s. 19
- s. 12(1)
- s. 28A
Regulations
- Reg. 2(1)
- Reg. 3(1)
- Reg. 2(1)(m)
Parties
- Equity Mania Financial Advisory (Prop: Mr Ankit Goel)
Holding
The Noticees were found to be acting as an unregistered investment adviser in violation of Section 12(1) of the SEBI Act, 1992 read with Regulation 3(1) of the IA Regulations, 2013, and were directed to refund Rs. 42,96,283/- collected from 257 clients within three months and debarred from the securities market for two years.
Full text
Final Order against Equity Mania Financial Advisory (Prop: Mr Ankit Goel) Page 1 of 14 WTM/AB/SRO/BLO/17/2021-22 SECURITIES AND EXCHANGE BOARD OF INDIA FINAL ORDER
Final Order against Equity Mania Financial Advisory (Prop: Mr Ankit Goel) Page 2 of 14 21.1.2 Not to divert any funds raised from investors, kept in bank accounts and/or in their custody until further orders. 21.1.3 Not to dispose of or alienate any assets, whether movable or immovable, or any interest or investment or charge on any of such assets held in their name, including money lying in bank accounts except with the prior permission of SEBI. 21.1.4 Immediately withdraw and remove all advertisements, representations, literatures, brochures, materials, publications, documents, communications etc., physical or digital in relation to their investment advisory activity or any other unregistered activity in the securities market until further orders. 21.1.5 Not to access the securities market and buy, sell or otherwise deal in securities in any manner whatsoever, directly or indirectly, until further orders. 21.1.6 To provide a full inventory of all assets held in their name, whether movable or immovable, or any interest or investment or charge on any of such assets, including details of all bank accounts, demat accounts and mutual fund investments, immediately but not later than 5 working days from the date of receipt of this order. 21.1.7 To submit the number and details of clients who have availed their investment advisory services and to submit details of fees collected from each such client, immediately but not later than 5 working days from the date of receipt of this or
Final Order against Equity Mania Financial Advisory (Prop: Mr Ankit Goel) Page 3 of 14 21.5 The Registrar and Transfer Agents are also directed to ensure that till further directions the securities, including mutual fund units, held in the name of Equity Mania Financial Advisory are not transferred or redeemed. Further, Registrar and Transfer Agents are also directed to ensure that till further directions the securities, including mutual fund units, held in the name of Mr. Ankit Goel, held jointly or individually, are not transferred or redeemed.”
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Source: SecMarx — sebi:WTM/AB/SRO/BLO/17/2021-22. 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.