sebi:WTM/AB/WRO/WRO/11661/2021-22
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Facts / Headnote
Noticees found in violation of Section 12(1) of SEBI Act, 1992, Regulation 3(1) of IA Regulations, 2013, Section 12A(c) of SEBI Act, 1992, and Regulations 3(d), 4(1) and 4(2)(k) of PFUTP Regulations, 2003; directed to refund fees collected, debarred from securities market for 2 years, restrained from association with intermediaries/listed entities for 2 years, and prohibited from undertaking investment advisory activities without registration.
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
- Max Capital (Proprietor: Mr. Mahesh Tillore)
Holding
Max Capital and its proprietor Mahesh Tillore were found to be acting as unregistered investment advisers in violation of Section 12(1) of the SEBI Act, 1992 and Regulation 3(1) of the IA Regulations, 2013, and their misleading representations were found to be fraudulent in violation of Section 12A(c) of the SEBI Act and Regulations 3(d), 4(1) and 4(2)(k) of the PFUTP Regulations, 2003. The Noticees were directed to refund all fees collected, debarred from the securities market for two years, and restrained from association with listed entities and registered intermediaries for two years.
Full text
Final Order against Max Capital (Proprietor: Mahesh Tillore) Page 1 of 13 WTM/AB/WRO/WRO/11661/2021-22 SECURITIES AND EXCHANGE BOARD OF INDIA FINAL ORDER
Final Order against Max Capital (Proprietor: Mahesh Tillore) Page 2 of 13 31. In view of the foregoing, pending conclusion of enquiry, in order to protect the interests of investors and integrity of the securities market, I, in exercise of the powers conferred upon me under Sections 11, 11(4), 11B and 11D read with Section 19 of the SEBI Act hereby issue by way of this
Final Order against Max Capital (Proprietor: Mahesh Tillore) Page 3 of 13 31.3. The Depositories are directed to ensure that till further directions no debits are made in the demat accounts of Max Capital and its proprietor, Mr. Mahesh Tillore, held jointly or severally.
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Source: SecMarx — sebi:WTM/AB/WRO/WRO/11661/2021-22. 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.