sebi:WTM/AB/SRO/SRO/17806/2022-23
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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 fees, debarred from securities market for 6 months, and prohibited from undertaking investment advisory activities without registration
Provisions invoked
- s. 19
- s. 12(1)
- s. 27
- s. 25
Regulations
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 2(1)(m)
Parties
- Shri C. Paranitharan
- M/s. Capitaltarget Financials
- Shri C. Muralitharan
Holding
The Noticees were found to have violated Section 12(1) of the SEBI Act, 1992 read with Regulation 3(1) of the IA Regulations, 2013 by providing investment advisory services without obtaining a certificate of registration from SEBI. Directions were issued requiring refund of fees, debarment from the securities market for 6 months, and prohibition on undertaking investment advisory activities without registration.
Full text
Final Order in the matter of Shri C. Paranitharan and others Page 1 of 16 WTM/AB/SRO/SRO/17806/2022-23 SECURITIES AND EXCHANGE BOARD OF INDIA
Final Order in the matter of Shri C. Paranitharan and others Page 2 of 16 Advisory Services (hereinafter also referred to as “the proprietorship firm”) and as partner of M/s Capitaltarget Financials (hereinafter also referred to as “the partnership firm”). Shri C. Muralitharan, Noticee no. 2, has been issued the SCN as a partner of M/s Capitaltarget Financials. The SCN prima facie found that the Noticees were engaged in investment advisory services without obtaining a certificate of registration from SEBI in violation of the provisions of Section 12(1) of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act, 1992”) and Regulation 3(1) of SEBI (Investment Advisers) Regulations, 2013 (hereinafter referred to as “IA Regulations, 2013”). The SCN called upon the Noticees to show cause as to why suitable
Final Order in the matter of Shri C. Paranitharan and others Page 3 of 16 v. For two such bank accounts in the name of M/s Capital Target Advisory Services, the KYCs were obtained. As per the KYC documents of M/s Capital Target Advisory Services submitted by ICICI bank and HDFC bank, the following were noted: a.
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Source: SecMarx — sebi:WTM/AB/SRO/SRO/17806/2022-23. 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.