sebi:WTM/AB/SRO/SRO/16539/2022-23
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Facts / Headnote
MTPL and Anurag Bhatia held liable for unregistered portfolio management and directed to refund investors jointly and severally within three months and debarred for 3 years; Adhiraj Singh debarred for 1 year; proceedings against Soham Soumya Sarkar disposed of.
Provisions invoked
- s. 19
- s. 12(1)
Regulations
- Reg. 3
- Reg. 2
- Reg. 42
- Reg. 111
- Reg. 111(1)
- Reg. 42(2)(a)
Parties
- Minance Technologies Private Limited
- Anurag Bhatia
- Adhiraj Singh
- Soham Soumya Sarkar
Holding
MTPL and its promoter-director Anurag Bhatia were held to have carried on unregistered discretionary portfolio management services since 2017 and were directed to refund money received from complainants/investors jointly and severally within three months and were debarred for three years, Adhiraj Singh was debarred for one year, while proceedings against Soham Soumya Sarkar were disposed of.
Full text
Final Order in the matter of Minance Technologies Private Limited Page 1 of 25 WTM/AB/SRO/SRO/16539/2022-23 SECURITIES AND EXCHANGE BOARD OF INDIA
Final Order in the matter of Minance Technologies Private Limited Page 2 of 25 deal in securities or associate themselves with securities market, either directly or indirectly, in any manner whatsoever, until further orders; 28.2 MTPL and its Directors viz., Soham Soumya Sarkar, Adhiraj Singh and Anurag Bhatia are directed to cease and desist from undertaking any activity in the securities market including the activity of acting and representing through any media (physical or digital) as a portfolio manager, directly or indirectly, in any matter whatsoever, until further orders; 28.3 If MTPL or its Directors viz., Soham Soumya Sarkar, Adhiraj Singh and Anurag Bhatia have any open position in any exchange traded derivative contracts, as on the date of the order, they can close out/ square off such open positions within 3 months from the date of order or at the expiry of such contracts, whichever is earlier. MTPL and its Directors are permitted to settle the pay-in and pay-out obligations in respect of transactions, if any, which have taken place before the close of trading on the date of this order. 28.4 MTPL and its directors are directed to not divert any funds raised from investors, kept in bank account(s) and/or in their custody until further orders; 28.5 MTPL and its directors viz., Soham Soumya Sarkar, Adhiraj Singh and Anurag Bhatia are directed to not to dispose of or alienate any assets, whether movable or immovable, or any interest or investment or charge on any of s
Final Order in the matter of Minance Technologies Private Limited Page 3 of 25 28.10 The Depositories are directed to ensure that no debits and credits are permitted in the demat account(s) held in the name of MTPL till further directions. The Depositories are also directed to ensure that no debits and credits are permitted in the demat account(s) of Soham Soumya Sarkar, Adhiraj Singh and Anurag Bhatia, held jointly or individually, till further directions. 28.11 The Registrar and Transfer Agents are directed to ensure that the securities, including Mutual Fund units, held in the name of MTPL are not transferred or redeemed till further directions. Further, the Registrar and Transfer Agents are also directed to ensure that the securities, including Mutual Fund units, held in the name of Soham Soumya Sarkar, Adhiraj Singh and Anurag Bhatia, jointly or individually, are not transferred or redeemed till further directions.”
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Source: SecMarx — sebi:WTM/AB/SRO/SRO/16539/2022-23. 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.