sebi:WTM/AB/WRO/WRO/21418/2022-23
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Facts / Headnote
Noticees held to have carried out unregistered investment advisory activities and directed to refund fees within 3 months with public notice, deposit balance with SEBI in escrow, restrained from selling assets except for refund, and debarred from securities market for 6 months.
Provisions invoked
- s. 19
- s. 12(1)
Regulations
- Reg. 3(1)
- Reg. 2(1)(m)
Parties
- M/s Knowledge Research Institute
- Ayush Jhawar
Holding
The Noticees acted as an investment adviser without SEBI registration in violation of Section 12(1) of SEBI Act, 1992 read with Regulation 3(1) of the IA Regulations, 2013 and were directed to refund Rs. 27,57,553/- received from clients, deposit unclaimed balance with SEBI, and were debarred for 6 months.
Full text
Final Order in the matter of Knowledge Research Institute, Proprietor: Ayush Jhawar Page 2 of 14 2. The SCN provided that SEBI received a complaint against M/s Knowledge Research Institute alleging that that M/s Knowledge Research Institute refused to provide SEBI registration number to the complainant saying that it is in process with SEBI. Further, M/s Knowledge Research Institute refused to refund the advisory fee and additional funds which were collected from the complainant. As per the intermediary database on SEBI website, M/s Knowledge Research Institute was not registered with SEBI as an investment advisor.
Final Order in the matter of Knowledge Research Institute, Proprietor: Ayush Jhawar Page 3 of 14 v. Few people who were in my contact asked me to help setup an online training institute to train and educate investors who are willing to invest in securities market. List Enclosed as Annexure 1
Final Order in the matter of Knowledge Research Institute, Proprietor: Ayush Jhawar Page 4 of 14 xiii. I have no mala fide intention, what so ever to defraud any person in name of advisory services or in other matter.
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Source: SecMarx — sebi:WTM/AB/WRO/WRO/21418/2022-23. 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.