sebi:WTM/AB/WRO/WRO/15710/2021-22

SEBI · SEBI · 2021-08-02 · Ananta Barua, Whole Time Member

Reviewed by Varun Matlani, Advocate — Securities Lawyer practicing in SAT and SEBI

Facts / Headnote

Held Noticees violated Section 12(1) of SEBI Act, 1992 read with Regulation 3(1) of IA Regulations, 2013; directed joint and several refund to complainants/investors within three months with public notice and asset/bank restrictions, and debarred Noticees from securities market for 6 months or till 6 months after completion of refunds, whichever is later.

Provisions invoked

• s. 19
• s. 12(1)

Regulations relied on

• SEBI (Investment Advisers) Regulations, 2013 — 3(1)

Parties

• M/s. Green Money Solution
• Mr. Arvind Patidar

Holding

The Noticees acted as unregistered investment advisers 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 jointly and severally refund fees collected, publish refund modalities, and were debarred from the securities market for 6 months.

Full text

Final Order in the matter of Green Money Solution (Prop. Arvind Patidar) Page 1 of 13 WTM/AB/WRO/WRO/15710/2021-22 SECURITIES AND EXCHANGE BOARD OF INDIA

Final Order in the matter of Green Money Solution (Prop. Arvind Patidar) Page 2 of 13 following directions were issued to M/s. Green Money Solution and its Proprietor Mr. Arvind Patidar:  to 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 matter whatsoever;  to not divert any funds collected from investors, kept in bank account(s) and/or in their custody;  to not 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.  to not access the securities market and buy, sell or otherwise deal in securities, either directly or indirectly, in any manner whatsoever;  to immediately withdraw and remove all advertisements, representations, literatures, brochures, materials, publications, documents, websites, communications etc., in relation to their investment advisory activity or any other unregistered activity in the securities market;  to provide a full inventory of all assets held in their name, whether movable or immovable, or any interest or investment or charge on any of such assets, including details of all bank accounts, demat account

Final Order in the matter of Green Money Solution (Prop. Arvind Patidar) Page 3 of 13 2. The interim order was also in the nature of a show cause notice asking the Noticees to show cause as to why suitable directions be not issued against them under Sections 11(1), 11(4), 11B(1) and 11D of the SEBI Act, 1992 including directions, to prohibit them from buying, selling or otherwise dealing in securities market, either directly or indirectly, in any manner whatsoever, for a particular period and not to be associated with any registered intermediary/ listed company and any public company which intends to raise money from public in the securities market, in any manner whatsoever and to refund the fees collected from the investors/clients for its unregistered investment advisory activities.

Source: SecMarx — sebi:WTM/AB/WRO/WRO/15710/2021-22. 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.