sebi:WTM/AB/WRO/WRO/14676/2021-22
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Noticees held liable for unregistered investment advisory and fraudulent trade practices; directed to refund fees, debarred from securities market for 1 year, restrained from association with intermediaries/listed companies for 1 year, and prohibited from undertaking investment advisory without registration.
Provisions invoked
- s. 19
- s. 12(1)
- s. 12A
Regulations
- Reg. 3
- Reg. 2(1)(c)
- Reg. 4(1)
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 2(1)(m)
Parties
- Gold Crude Research (Prop. Ramnarayan Sharma)
- Ramnarayan Sharma
Holding
Gold Crude Research and its sole proprietor Mr. Ramnarayan Sharma were found to have violated Section 12(1) of the SEBI Act, 1992 read with Regulation 3(1) of the IA Regulations, 2013 by acting as and holding themselves out as investment advisers without registration, and Regulations 3(a), 4(1) and 4(2)(k) of the PFUTP Regulations, 2003 for fraudulent conduct inducing investors to deal in securities.
Full text
Final Order in the matter of Gold Crude Research (Prop. Ramnarayan Sharma) Page 1 of 17 WTM/AB/WRO/WRO/14676/2021-22 SECURITIES AND EXCHANGE BOARD OF INDIA
Final Order in the matter of Gold Crude Research (Prop. Ramnarayan Sharma) Page 2 of 17 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 matter whatsoever, until further orders.
Final Order in the matter of Gold Crude Research (Prop. Ramnarayan Sharma) Page 3 of 17 of the IA Regulations, 2013 as well as Section 12A (a), (b), (c) of SEBI Act, 1992 and Regulations 3 (a), (b), (c) & (d), 4(1) and 4(2)(k) of PFUTP Regulations, 2003.
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Source: SecMarx — sebi:WTM/AB/WRO/WRO/14676/2021-22. 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.