sebi:WTM/AB/SRO/SRO/17294/2022-23
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Facts / Headnote
Noticee found to have acted as unregistered investment adviser; directed to refund fees to complainants/investors within three months and debarred from securities market for 6 months or till completion of refunds, whichever is later
Provisions invoked
- s. 19
- s. 12(1)
Regulations
- Reg. 2(1)
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 2(1)(m)
Parties
- Rahul Tayal (Prop. Sublime Financial Advisory)
Holding
The Noticee acted as an investment adviser without mandatory SEBI registration in violation of Section 12(1) of the SEBI Act, 1992 read with Regulation 3(1) of the IA Regulations, and was directed to refund fees received and was debarred from the securities market for six months or till refunds are completed, whichever is later.
Full text
Final Order in the matter of Sublime Financial Advisory Page 1 of 12 WTM/AB/SRO/SRO/17294/2022-23 SECURITIES AND EXCHANGE BOARD OF INDIA FINAL ORDER
Final Order in the matter of Sublime Financial Advisory Page 2 of 12 3. Thereafter, the matter was placed before me on October 22, 2021 for granting a date for personal hearing in the matter. The hearing was scheduled on March 23, 2022, and on the said date of hearing, the Noticee appeared in person and made
Final Order in the matter of Sublime Financial Advisory Page 3 of 12 Further, Regulation 2(1)(l) of the IA Regulations, 2013 states as follows: “investment advice means advice relating to investing in, purchasing, selling or otherwise dealing in securities or investment products, and advice on investment portfolio containing securities or investment products, whether written, oral or through any other means of communication for the benefit of the client and shall include financial planning:
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Source: SecMarx — sebi:WTM/AB/SRO/SRO/17294/2022-23. 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.