sebi:WTM/AB/WRO/WRO/21394/2022-23
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Facts / Headnote
Violation found; Noticees directed to refund fees, issue public notice, deposit balance with SEBI in escrow, restrained on assets and debarred from securities market for 6 months or till completion of refunds, whichever is later
Provisions invoked
- s. 19
- s. 12(1)
- s. 2(1)
Regulations
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 2(1)(m)
Parties
- M/s Heaven Research Security Advisory
- Shri Pushpendra Bhalse
Holding
The Noticees acted as an unregistered investment adviser in violation of Section 12(1) of SEBI Act, 1992 read with Regulation 3(1) of IA Regulations, 2013 and were directed to refund consideration received, deposit balance with SEBI, and were debarred from the securities market.
Full text
Final Order in the matter of M/s. Heaven Research Security Advisory, Prop. Pushpendra Bhalse Page 2 of 21 as “Heaven Research”) and its proprietor Shri Pushpendra Bhalse (Shri Pushpendra Bhalse and Heaven Research are hereinafter collectively referred to as the “Noticees”). In the complaint, it was, inter alia, alleged that the Noticees fraudulently promised a return of Rs. 14,50,000 and took Rs. 2,58,382 as service charges from the complainant. Thereafter, Noticees caused the loss of Rs. 80,000 to Rs, 1,00,000 in the demat account of the complainant. The complainant also provided the screenshot of WhatsApp chat and Easebuzz payment receipt wherein payment was made to the Noticees.
Final Order in the matter of M/s. Heaven Research Security Advisory, Prop. Pushpendra Bhalse Page 3 of 21 6. Premium Option 7. HNI Cash 8. HNI Future
Final Order in the matter of M/s. Heaven Research Security Advisory, Prop. Pushpendra Bhalse Page 4 of 21 h. The complainant alleged that he had received investment advisory services from the Noticees and made payments to the Noticees for providing the services. Further, the website www.heavenresearch.co.in disclosed that it was providing investment advisory services and the payment tab of website also disclosed payment details of Andhra Bank accounts, which is linked to the Easebuzz account of Noticees, wherein money paid by the complainant and others had been received. Hence, it was inferred that the above mentioned bank accounts were used for receipt of fees from various entities for the purpose of providing advisory services.
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Source: SecMarx — sebi:WTM/AB/WRO/WRO/21394/2022-23. 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.