sebi:WTM/AB/WRO/WRO/12281/2021-22
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Facts / Headnote
Violation of Section 12(1) read with Regulation 3(1) found; refund of fees, 2-year debarment/restraint and asset freeze directed; penalty of Rs. 5 lakh under Section 15HB imposed; Section 12A/PFUTP fraud charges not attracted
Provisions invoked
- s. 11
- s. 19
- s. 12(1)
- s. 11B
- s. 12A
- s. 15H
- s. 15J
- s. 15F
- s. 28A
Regulations
- Reg. 3
- Reg. 2(1)
- Reg. 4(2)
- Reg. 3(a)
- Reg. 3(b)
- Reg. 3(1)
- Reg. 2(1)(m)
- Reg. 2(1)(b)
Parties
- Shri Research Services
- Gourav Kumar Gour
Holding
The Noticees acted as an unregistered investment adviser in violation of Section 12(1) of the SEBI Act, 1992 read with Regulation 3(1) of the IA Regulations, 2013. They were directed to refund advisory fees, debarred from the securities market for 2 years and imposed a Rs. 5 lakh penalty under Section 15HB, while Section 12A and PFUTP fraud charges were held not attracted.
Full text
Final Order against Shri Research Services (Proprietor: Gourav Kumar Gour) Page 2 of 12 Research Services, wherein it was inter alia alleged that the complainant had received call from the Noticees for taking investment advisory services and he thereafter, deposited Rs. 12,000/- for investment advisory services but had not got any service. Based on the same, an examination of the complaint was carried out by SEBI.
Final Order against Shri Research Services (Proprietor: Gourav Kumar Gour) Page 3 of 12 for violation of Section 12(1) of the SEBI Act, 1992 read with Regulation 3(1) of the IA Regulations, 2013 and Section 12A(a), (b) and (c) of the SEBI Act, 1992 read with Regulation 3(a), (b), (c) and (d) of the PFUTP Regulations, 2003.
Final Order against Shri Research Services (Proprietor: Gourav Kumar Gour) Page 4 of 12 date i.e. April 10, 2018, had inter alia submitted that he has closed down Shri Research Services through which it used to give investment advice to investors, by using the name of Alpha Investment Research with which he had a goodwill use arrangement for which he used to pay 30% of the fees/commission charged from investors to Alpha Investment Research. He had further stated that he was using the name of ‘Alpha Investment Research’ to provide tips to clients and was giving 30% to the said entity. Further, I note that he had submitted letter dated April 06, 2018 from its 5 employees namely- Anil Nimbola, Sangeeta Gargo, Rahul Parmar, Sapna Bhargav and Prahlad Chauhan, in which they had stated that, ‘We are employees of SRS, which had taken franchisee of Alpha Investment Research and was providing services in share market’. I also note that complaint was filed with SEBI by one Mr. Vinod Pareek alleging that he had received call from Shri Research Services for taking investment advisory services and he thereafter, deposited Rs. 12,000/- for investment advisory services but had not got any service. I note that Mr. Gourav Gour has also submitted statements of bank account of Shri Research Services held with with Axis Bank having number 916020044292311. KYC documents of said bank account, as received from Axis Bank, also shows that Shri Research Services is the sole proprietary concern of Shri
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Source: SecMarx — sebi:WTM/AB/WRO/WRO/12281/2021-22. 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.