sebi:WTM/AB/SRO/BLO/18/2021-22
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Held Noticees acted as unregistered investment adviser in violation of Section 12(1) SEBI Act and Regulation 3(1) IA Regulations; directed refund to investors within 3 months with public notice, debarred from securities market and from associating with listed companies/intermediaries for 2 years, in supersession of interim order dated November 12, 2020.
Provisions invoked
- s. 19
- s. 12(1)
- s. 28A
Regulations
- Reg. 2(1)
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 2(1)(m)
Parties
- Profitsaim
- Mr. Syed Ayaz
Holding
Profitsaim, sole proprietorship of Mr. Syed Ayaz, was engaged in providing investment advice for consideration without SEBI registration, violating Section 12(1) of SEBI Act and Regulation 3(1) of IA Regulations, and must refund fees collected and remain debarred from the securities market for 2 years.
Full text
Final Order in the matter of Profitsaim and its Proprietor Mr. Syed Ayaz Page 1 of 11 WTM/AB/SRO/BLO/18/2021-22 SECURITIES AND EXCHANGE BOARD OF INDIA FINAL ORDER
Final Order in the matter of Profitsaim and its Proprietor Mr. Syed Ayaz Page 2 of 11 27.1.2 Not to divert any funds raised from investors, kept in bank account(s) and/or in their custody until further orders. 27.1.3 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. 27.1.4 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. 27.1.5 Not to access the securities market and buy, sell or otherwise deal in securities in any manner whatsoever, directly or indirectly, until further orders. 27.1.6 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. ……………….”
Final Order in the matter of Profitsaim and its Proprietor Mr. Syed Ayaz Page 3 of 11 website name and style is “profitmresearch.com”, but my firm name is profitsaim and the website is “profitsaim.com”, so my firm is not related with the complainant’s company/ firm so the complaint logged against my firm is otherwise bad-in-law and fact as well.
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Source: SecMarx — sebi:WTM/AB/SRO/BLO/18/2021-22. 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.