sebi:WTM/AB/SRO/SRO/14803/2021-22
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Facts / Headnote
Violation established; joint and several refund with public notice, limited asset restraint, and 6-month securities market debarment directed
Provisions invoked
- s. 19
- s. 12(1)
- s. 27
Regulations
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 2(1)(m)
- Reg. 2(m)
Parties
- Bullmatics Advisory Private Limited
- Triloki Nath Verma
- Ajitesh Kumar
Holding
Bullmatics Advisory Private Limited and its directors acted as an unregistered investment adviser in violation of Section 12(1) of the SEBI Act read with Regulation 3(1) of the IA Regulations, 2013, and were directed jointly and severally to refund fees, publish refund modalities, and remain debarred from the securities market for 6 months.
Full text
Final Order in the matter of Bullmatics Advisory Private Limited Page 1 of 15 WTM/AB/SRO/SRO/14803/2021-22 SECURITIES AND EXCHANGE BOARD OF INDIA
Final Order in the matter of Bullmatics Advisory Private Limited Page 2 of 15 directions, including refund of fees collected, debarment, non-association with listed entities, intermediaries, etc. be not issued against them under Sections 11(4) and 11B of the SEBI Act, 1992. The SCN was served on the Noticee nos 2 and 3. Vide emails dated July 12, 2021, replies were filed by the Noticee nos. 2 and 3. Further, since the SCN issued to Noticee no.1 (Bullmatics) was returned undelivered, the same was sent to its directors. The matter was placed before me for obtaining a hearing date on November 23, 2021 and an opportunity of hearing was granted to the Noticees on December 29, 2021. On the said date the Noticees appeared and made submissions and the hearing was concluded qua the Noticees.
Final Order in the matter of Bullmatics Advisory Private Limited Page 3 of 15 iii) As per the intermediary database on SEBI website, Bullmatics Advisory Private Limited, Shri Triloki Nath Verma and Shri Ajitesh Kumar are not registered with SEBI as investment advisers. iv) It was observed that Bullmatics provided investment advice through its website www.bullmatics.com. v) The pricing of various services offered by the company as per its website is as under: Table 1 Service Name Pricing
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Source: SecMarx — sebi:WTM/AB/SRO/SRO/14803/2021-22. 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.