sebi:WTM/AB/WRO/WRO/18082/2022-23
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Facts / Headnote
Noticee directed to refund Rs 5,54,353 to investors/clients within three months with public notice and reporting, debarred from securities market for 6 months or till completion of refunds whichever is later with asset/bank restrictions, and penalties of Rs 5,00,000 under Section 15HA and Rs 1,00,000 under Section 15HB imposed.
Provisions invoked
- s. 19
- s. 12(1)
- s. 11B
- s. 12A
- s. 12
- s. 11
- s. 15H
- s. 15J
- s. 15F
Regulations
- Reg. 3
- Reg. 2(1)(c)
- Reg. 3(a)
- Reg. 3(1)
- Reg. 2(m)
- Reg. 3(d)
- Reg. 2(l)
- Reg. 2(1)(c)(1)
Parties
- National Investment Adviser Organization
- Nitin Sharma
Holding
The Noticee carried out unregistered investment advisory services in violation of Section 12(1) SEBI Act read with Regulation 3(1) IA Regulations and engaged in fraud in violation of Section 12A(c) SEBI Act read with Regulation 3(d) PFUTP Regulations, and was directed to refund Rs 5,54,353, debarred for 6 months, and penalized Rs 6,00,000 in total.
Full text
_____________________________________________________________________________________ Order in the matter of National Investment Adviser Organization Page 1 of 13
_____________________________________________________________________________________ Order in the matter of National Investment Adviser Organization Page 2 of 13
_____________________________________________________________________________________ Order in the matter of National Investment Adviser Organization Page 3 of 13
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Source: SecMarx — sebi:WTM/AB/WRO/WRO/18082/2022-23. 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.