sebi:WTM/AB/WRO/WRO/16351/2022-23
Facts / Headnote
Certificate of registration to act as Investment Adviser suspended for a period of 3 years
Provisions invoked
- s. 11B
- s. 11
- s. 15
- s. 19
- s. 12(3)
- s. 11B(1)
- s. 2(27)
- s. 80J
- s. 10(27)
Regulations relied on
Parties
- Zoid Research (Prop. Tabrez Khan)
Holding
The Noticee, Zoid Research (Prop. Tabrez Khan), was found to have violated Regulations 7(2), 15(9), 16 and Clauses 1, 2, 5 and 6 of the Code of Conduct prescribed under Third Schedule of IA Regulations, and its certificate of registration as an Investment Adviser was suspended for a period of 3 years.
Full text
Enquiry Order in respect of Zoid Research (Prop. Tabrez Khan) Page 2 of 17 that the Noticee was in violation of various clauses of the Code of Conduct specified under the IA Regulations as well as several other provisions of the IA Regulations and the relevant Circular of SEBI on non- redressal of investor grievances. Subsequently, on February 8, 2019, an ex-parte interim order (“Interim
Enquiry Order in respect of Zoid Research (Prop. Tabrez Khan) Page 3 of 17 no. 50 of 2019, Hon’ble SAT vide its order dated February 20, 2019, directed as under: Quote
Enquiry Order in respect of Zoid Research (Prop. Tabrez Khan) Page 4 of 17 5. I note that the present proceedings are the outcome of a simultaneous separate enforcement action, that has been initiated by SEBI, qua the Noticee. As stated in the preceding para, SEBI had initiated actions under Chapter VIA and Section 12(3) of the SEBI Act, 1992, against the Noticee. I note that the Adjudication order dated November 27, 2020 was the result of the action under Chapter VIA and the present proceedings are the result of action under Section 12(3) (Chapter V) of the SEBI Act, 1992. SEBI had appointed the Designated Authority (hereinafter referred to as “DA”) under Regulation 24 of the SEBI (Intermediaries) Regulations, 2008 (hereinafter referred to as “Intermediaries Regulations”), to hold an enquiry into the alleged violations of Regulations 7(2), 15(9), 16 and Clauses 1, 2, 3, 5 and 6 of the Code of Conduct prescribed under Third Schedule of IA Regulations, by the Noticee. I note that the DA issued a show cause notice dated November 18, 2020 to the Noticee, calling it to explain why action for cancellation of certificate of registration or any other action, should not be recommended against the Noticee. After considering the submissions of the Noticee, DA in his Enquiry Report dated December 28, 2020 (hereinafter referred to as “Enquiry Report”), recommended cancellation of certificate of registration of the Noticee as an Investment Advisor.
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Source: SecMarx — sebi:WTM/AB/WRO/WRO/16351/2022-23. 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.