sebi:WTM/AB/WRO/WRO/18766/2022-23
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Facts / Headnote
Noticees found in violation of Section 12(1) of SEBI Act read with Regulation 3(1) of Investment Advisers Regulations, and Section 12A(c) of SEBI Act read with Regulations 3(d) and 2(1)(c) of PFUTP Regulations; directed to refund ₹76,23,304, debarred from securities market for 3 years, and restrained from undertaking investment advisory activities without registration. Allegation of holding out as Research Analysts not made out.
Provisions invoked
- s. 19
- s. 12(1)
- s. 12A
- s. 12
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)
- Reg. 2(1)(u)
Parties
- Core Investment (Sole Proprietor–Deepak Bamne)
- Core Group (Sole Proprietor–Matwar Mehra)
Holding
The Noticees were found to have carried out unregistered investment advisory activities in violation of Section 12(1) of the SEBI Act read with Regulation 3(1) of the Investment Advisers Regulations, and their investment advisory activities were found fraudulent in violation of Section 12A(c) of the SEBI Act and Regulations 3(d) read with Regulation 2(1)(c) of the PFUTP Regulations. The allegation of holding out as Research Analysts was not made out.
Full text
_____________________________________________________________________________________ Order in the matter of Core Investment (Sole Proprietor–Deepak Bamne) and Core Group (Sole Proprietor– Matwar Mehra)
_____________________________________________________________________________________ Order in the matter of Core Investment (Sole Proprietor–Deepak Bamne) and Core Group (Sole Proprietor– Matwar Mehra)
_____________________________________________________________________________________ Order in the matter of Core Investment (Sole Proprietor–Deepak Bamne) and Core Group (Sole Proprietor– Matwar Mehra)
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Source: SecMarx — sebi:WTM/AB/WRO/WRO/18766/2022-23. 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.