sebi:WTM/AB/WRO/WRO/18307/2022-23
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Noticee held to have acted as unregistered portfolio manager, made fraudulent assured-return representations and violated Authorised Person norms; directions issued including restraint from securities market activity without registration
Provisions invoked
- s. 19
- s. 12(1)
- s. 12A
Regulations
- Reg. 3
- Reg. 2(1)(c)
- Reg. 2
- Reg. 42
- Reg. 4(2)(k)
- Reg. 111
- Reg. 111(1)
- Reg. 42(2)(a)
Parties
- MSS Trading System Centre
- Shri Valerian Louis Mendanha
Holding
MSS Trading System Centre through its proprietor Shri Valerian Louis Mendanha acted as an unregistered portfolio manager and made false assured-return representations to lure investors while also receiving fees as an Authorised Person, violating Section 12(1) and 12A of the SEBI Act, PM Regulations, PFUTP Regulations and the AP circular.
Full text
Final Order in the matter of MSS Trading System Centre (Prop: Shri Valerian Louis Mendanha) Page 1 of 24 WTM/AB/WRO/WRO/18307/2022-23
Final Order in the matter of MSS Trading System Centre (Prop: Shri Valerian Louis Mendanha) Page 2 of 24 06, 2009. By the interim order, inter alia following directions were issued to MSS and its Proprietor, Shri Valerian Louis Mendanha (hereinafter referred to as the “Noticee”): “……. 39.1.1.to cease and desist from acting as an portfolio manager including the activity of acting and repesenting through any media (physical or digital) as a portfolio manager, 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; 39.1.2. not to divert any funds raised from investors, kept in bank account(s) and/or in their custody until further orders; 39.1.3. 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. 39.1.4. to immediately withdraw and remove all advertisements, representations, literatures, brochures, materials, publications, documents, websites, digital contents, communications etc., in relation to their portfolio management services activity or any other unregistered activity in the securities market until further orders. 39.1.5. not to access the securities market and buy, sell or otherwise deal in securities or associate themselves with securities market, either
Final Order in the matter of MSS Trading System Centre (Prop: Shri Valerian Louis Mendanha) Page 3 of 24 39.3. The Registrar and Transfer Agents are also directed to ensure that till further directions the securities, including Mutual Funds units, held in the name of MSS, proprietor Mr. Valerian Louis Mendanha, jointly or severally, are not transferred or redeemed. 39.4. Banks including Union Bank, wherein bank account is held in the name of MSS, proprietor Mr. Valerian Louis Mendanha (PAN: ANOPM8570A), are directed not to allow any debits / withdrawals and credits from the bank account number 611401010050109, without the permission of SEBI, until further orders. The Banks are also directed to ensure that this direction is strictly enforced…”
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/AB/WRO/WRO/18307/2022-23. 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.