sebi:WTM/AB/WRO/WRO/17980/2022-23
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Facts / Headnote
Noticee held to be an unregistered investment adviser engaged in fraudulent practices and directed to refund fees collected from complainants/investors within three months and debarred from accessing/dealing in the securities market for 6 months or till completion of refunds, whichever is later.
Provisions invoked
- s. 19
- s. 12(1)
Regulations
- Reg. 3
- Reg. 2(1)(c)
- Reg. 4(1)
- Reg. 3(a)
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 2(1)(m)
Parties
- Mr. Nilesh Vipinchandra Vajifdar
Holding
The Noticee acted as an investment adviser without SEBI registration and engaged in fraudulent practices by promising assured returns, in violation of Section 12(1) and Section 12A of the SEBI Act read with IA and PFUTP Regulations, and was directed to refund fees and debarred from the securities market.
Full text
Final Order in the matter of Mr. Nilesh Vajifdar Page 1 of 12 WTM/AB/WRO/WRO/17980/2022-23 SECURITIES AND EXCHANGE BOARD OF INDIA
Final Order in the matter of Mr. Nilesh Vajifdar Page 2 of 12 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; 1.1.2. not to divert any funds collected from investors, kept in bank account(s) and/or in their custody; 1.1.3. not to 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. 1.1.4. to immediately withdraw and remove all advertisements, representations, literatures, brochures, materials, publications, documents, Facebook, Whatsapp, websites, communications etc., in relation to their investment advisory activity or any other unregistered activity in the securities market; 1.1.5. not to access the securities market and buy, sell or otherwise deal in securities, either directly or indirectly, in any manner whatsoever; 1.1.6. to provide a full inventory of all assets held in his name, whether movable or immovable, or any interest or investment or charge on any of such assets, including details of all bank accounts, demat accounts and mutual fund investments, immediately but not later than 5 working days from the date of receipt of this order; 1.1.7. to submit the number and details of clients who have availed their investment advisory Services and to submit details of fees collect
Final Order in the matter of Mr. Nilesh Vajifdar Page 3 of 12 1 Nilesh Vipinchandra Vajifdar 624601054561 ICICI Bank 1.4. The Depositories are directed to ensure, that they neither permit any debits nor any credits in the demat accounts held by Mr. Nilesh Vipinchandra Vajifdar either individually or jointly. 1.5. The Registrar and Transfer Agents are directed to ensure, that they neither permit any transfer nor redemption of the securities, including Mutual Funds units, held by Mr. Nilesh Vipinchandra Vajifdar either individually or jointly. ……………………………………”
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Source: SecMarx — sebi:WTM/AB/WRO/WRO/17980/2022-23. 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.