sebi:WTM/AB/WRO/ILO/08/2021-22
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Facts / Headnote
Noticees held liable for unregistered investment advisory activity and fraud; in supersession of interim order, directed to refund fees to clients/investors within three months with public notice and compliance report, and debarred from securities market for 2 years or till completion of refunds, whichever is later.
Provisions invoked
- s. 19
- s. 12(1)
- s. 12A
- s. 28A
Regulations
- Reg. 11
- Reg. 3
- Reg. 2(1)(c)
- Reg. 4(1)
- Reg. 3(1)
- Reg. 2(m)
- Reg. 3(d)
- Reg. 4(2)(k)
- Reg. 2(l)
Parties
- ALGO Solution
- Shri Piyush Porwal
Holding
Noticees, acting as unregistered investment adviser through website http://algosolution.in for consideration, violated Section 12(1) of SEBI Act, 1992 read with Regulation 3(1) of IA Regulations, 2013 and engaged in fraudulent conduct under PFUTP Regulations, and were directed to refund client money and debarred from securities market for 2 years.
Full text
Final Order in the matter of ALGO Solution (Proprietor: Shri Piyush Porwal) Page 1 of 12 WTM/AB/WRO/ILO/08/2021-22 SECURITIES AND EXCHANGE BOARD OF INDIA FINAL ORDER
Final Order in the matter of ALGO Solution (Proprietor: Shri Piyush Porwal) Page 2 of 12 i The Noticees shall cease and desist from acting as an investment advisor including the activity of acting and representing through any media (physical or digital) as an investment advisor, directly or indirectly, and cease to solicit or undertake such activity or any other activities in the securities market, directly or indirectly, in any manner whatsoever, until further orders.
Final Order in the matter of ALGO Solution (Proprietor: Shri Piyush Porwal) Page 3 of 12 2. The interim order was also in the nature of a show cause notice wherein the Noticees were provided with the opportunity to file their objections/reply, if any, within 21 days from the date of the interim order and were also provided with an opportunity of personal hearing before SEBI, on a date and time to be fixed on a specific request to be made by the Noticees, in that regard. In this regard, it is noted that the Noticees have neither filed any reply/objections to the interim order nor sought any personal hearing. Hence, I shall now proceed to determine the matter ex-parte and on the basis of material available on record.
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Source: SecMarx — sebi:WTM/AB/WRO/ILO/08/2021-22. 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.