sebi:WTM/AB/WRO/WRO/10326/2020-21

SEBI · SEBI · Ananta Barua, Whole Time Member

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Noticees directed to refund fees collected for unregistered investment advisory activities within three months and debarred from securities market for 2 years or till completion of refunds, whichever is later, with associated restraints.

Provisions invoked

• s. 19
• s. 12(1)
• s. 12A
• s. 28A

Regulations

• Reg. 11
• Reg. 2(1)(c)
• Reg. 4(1)
• Reg. 3(1)
• Reg. 2(m)
• Reg. 3(d)
• Reg. 2(l)

Parties

• Money Plus Research Advisory & Financial Services
• Pravin Meshram

Holding

Money Plus Research Advisory & Financial Services and its proprietor Pravin Meshram acted as an unregistered investment adviser and engaged in fraudulent misrepresentation, and were directed to refund client fees and restrained from the securities market for two years.

Full text

Final Order against Money Plus Research Advisory & Financial Services (Prop. Pravin Meshram) Page 2 of 10 activities in the securities market, directly or indirectly, in any matter whatsoever, until further orders. ii. Not to divert any funds raised from investors, kept in bank account(s) and/or in their custody until further orders. iii. Not to dispose of or alienate any assets, whether movable or immovable, or any interest or investment or charge on any of such assets held in their name, including money lying in bank accounts except with the prior permission of SEBI. iv. Immediately withdraw and remove all advertisements, representations, literatures, brochures, materials, publications, documents, communications etc., physical or digital in relation to their investment advisory activity or any other unregistered activity in the securities market until further orders. v. Not to access the securities market and buy, sell or otherwise deal in securities in any manner whatsoever, directly or indirectly, until further orders. vi. If Money Plus and its Proprietor have any open positions 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. Money Plus and its Proprietor 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

Final Order against Money Plus Research Advisory & Financial Services (Prop. Pravin Meshram) Page 3 of 10 a. the various representations made/ services offered by the Noticees in securities market may not be treated as a fraudulent practice/act/conduct, in terms of SEBI (Prohibition of fraudulent and unfair trade practices relating to securities market) Regulations, 2003 (‘PFUTP Regulations’);

Final Order against Money Plus Research Advisory & Financial Services (Prop. Pravin Meshram) Page 4 of 10 4. During the personal hearing, Noticee denied being involved in any investment advisory activity. I note that during personal hearing apart from general denial of

Source: SecMarx — sebi:WTM/AB/WRO/WRO/10326/2020-21. 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.