sebi:WTM/AB/WRO/WRO/18676/2022-23
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Facts / Headnote
Held Noticee violated Section 12(1) of SEBI Act, 1992 read with Regulation 3(1) of IA Regulations, 2013 by acting as unregistered investment adviser; directed to refund fees to complainants/investors within 3 months with public notice and CA-certified compliance report, restrained asset disposal and bank debits except for refunds, and debarred from securities market for 6 months or till refunds complete whichever is later.
Provisions invoked
- s. 19
- s. 12(1)
Regulations
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 2(1)(m)
Parties
- Mr. Rajiv Yogeshkumar Rajput, Proprietor: Capital Gainers
Holding
Shri Rajiv Yogeshkumar Rajput, proprietor of Capital Gainers operating www.capitalgainers.in, acted as an investment adviser without SEBI registration in violation of Section 12(1) of SEBI Act, 1992 read with Regulation 3(1) of IA Regulations, 2013. He was directed to refund consideration received from complainants/investors and was debarred/restrained from the securities market as specified.
Full text
Final Order in the matter of Mr. Rajiv Yogeshkumar Rajput, Proprietor: Capital Gainers Page 1 of 11 WTM/AB/WRO/WRO/18676/2022-23 SECURITIES AND EXCHANGE BOARD OF INDIA
Final Order in the matter of Mr. Rajiv Yogeshkumar Rajput, Proprietor: Capital Gainers Page 2 of 11 the funds had been transferred by Profit Sharing to another entity called Capital Gainers. ii. Upon further examination, a website named www.capitalgainers.in was found, which was being operated to give investment advisory services. iii. Details of the webpage was recovered from www.archive.org and it was noted that Shri. Rajiv Yogeshkumar Rajput was the proprietor of Capital Gainers and operating the said website. iv. The website also mentioned three bank accounts which were in the name of Capital Gainers.
Final Order in the matter of Mr. Rajiv Yogeshkumar Rajput, Proprietor: Capital Gainers Page 3 of 11 “investment advice means advice relating to investing in, purchasing, selling or otherwise dealing in securities or investment products, and advice on investment portfolio containing securities or investment products, whether written, oral or through any other means of communication for the benefit of the client and shall include financial planning: Provided that investment advice given through newspaper, magazines, any electronic or broadcasting or telecommunications medium, which is widely available to the public shall not be considered as investment advice for the purpose of these regulations;”
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Source: SecMarx — sebi:WTM/AB/WRO/WRO/18676/2022-23. 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.