sebi:WTM/AB/WRO/WRO/21667/2022-23
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Facts / Headnote
Noticees held to have provided unregistered investment advisory services and directed to refund Rs. 24,85,490.26 to clients/investors within three months, deposit balance with SEBI in escrow, with restraint on assets and 6-month debarment from securities market.
Provisions invoked
- s. 19
- s. 12(1)
Regulations
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 2(1)(m)
Parties
- M/s. Capital Live Financial Advisory
- Rajiv Upadhyay
Holding
Shri Rajiv Upadhyay, using the trade name Capital Live and website www.capitallive.co.in, acted as an investment adviser without SEBI registration in violation of Section 12(1) of the SEBI Act, 1992 read with Regulation 3(1) of the IA Regulations, 2013, and was directed to refund consideration received with ancillary restraints.
Full text
Final Order in the matter of M/s. Capital Live Financial Advisory, Prop. Rajiv Upadhyay Page 2 of 17 payment of Rs. 46,000 for the purpose of advisory services to the Noticees but the Noticees did not provide proper service and the complainant suffered a loss of Rs. 25,000. The complainant also provided the screenshot of the website with address www.capitallive.co.in and the payments made to the Noticees.
Final Order in the matter of M/s. Capital Live Financial Advisory, Prop. Rajiv Upadhyay Page 3 of 17 c. As per the archived webpages of the website www.capitallive.co.in, various services which were offered are tabulated as under:
Final Order in the matter of M/s. Capital Live Financial Advisory, Prop. Rajiv Upadhyay Page 4 of 17 November 19, 2015 and November 20, 2015, respectively, to the axis bank account number 915010030253450 of Capital Live. The aforementioned four transactions were also identified in the bank statement for account No. 915010030253450 received from Axis Bank. From the entries seen in the bank account statement for said Axis Bank account, it was inferred that the said account was used for receipt of fees from various entities for the purpose providing advisory services.
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Source: SecMarx — sebi:WTM/AB/WRO/WRO/21667/2022-23. 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.