sebi:WTM/AB/SRO/SRO/18997/2022-23
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Facts / Headnote
Violation established; refund, public notice, asset freeze and 6-month securities market debarment imposed
Provisions invoked
- s. 19
- s. 12(1)
Regulations
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 2(1)(m)
Parties
- Shri Prabhu
Holding
Shri Prabhu acted as an unregistered investment adviser through www.niftyandbanknifty.com in violation of Section 12(1) of the SEBI Act, 1992 read with Regulation 3(1) of the IA Regulations, 2013, and was directed to refund fees, publish refund modalities, and was debarred from the securities market for 6 months.
Full text
Final Order in the matter of Shri Prabhu Page 2 of 14 i. SEBI had received complaint vide email dated August 29, 2019 and letter dated July 01, 2019 from one “complainant”. Vide email dated August 29, 2019, the complainant had, inter alia, alleged that www.niftyandbanknifty.com is involved in Unauthorized Investment Advisory Services and the complainant has received tips through SMS from www.niftyandbanknifty.com due to which he has lost Rs. 15,000/-. The copy of the complaint dated August 29, 2019 was provided as an Annexure to the SCN.
Final Order in the matter of Shri Prabhu Page 3 of 14 3. The website www.niftyandbanknifty.com, was not active. The archive pages of the website were downloaded from web.archive.org which revealed that the website disclosed that it was providing investment advisory services.
Final Order in the matter of Shri Prabhu Page 4 of 14 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: Provided that investment advice given through newspaper, magazines, any electronic or broadcasting or telecommunications medium, which is widely available to the public shall not be considered as investment advice for the purpose of these regulations;”
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Source: SecMarx — sebi:WTM/AB/SRO/SRO/18997/2022-23. 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.