sebi:WTM/AB/WRO/WRO/21993/2022-23
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Facts / Headnote
Noticee found to have provided unregistered investment advisory services; directed to refund Rs. 62,10,206 to clients/investors within three months with escrow deposit of unrefunded balance, restrained on assets/bank debits, and debarred from securities market for six months
Provisions invoked
- s. 19
- s. 12(1)
Regulations
- Reg. 3(1)
- Reg. 2(1)(m)
Parties
- M/s. All Gainers Research and Brokerage Firm
- Anand Kand Mishra
Holding
The Noticee acted as an unregistered investment adviser in violation of Section 12(1) of the SEBI Act, 1992 read with Regulation 3(1) of the IA Regulations, 2013. The Noticee was directed to refund Rs. 62,10,206 received from clients/investors, deposit any unrefunded balance with SEBI in escrow, and was debarred from the securities market for six months.
Full text
Final Order in the matter of M/s. All Gainers Research and Brokerage Firm, Prop. Anand Kand Mishra Page 2 of 9 of hearing, none appeared on behalf of the Noticee, neither any request for adjournment was received. I note that no reply has been filed by the Noticee.
Final Order in the matter of M/s. All Gainers Research and Brokerage Firm, Prop. Anand Kand Mishra Page 3 of 9 5. I not that the following Payment details were mentioned on the website –
Final Order in the matter of M/s. All Gainers Research and Brokerage Firm, Prop. Anand Kand Mishra Page 4 of 9 and Axis Bank A/c., it is observed that there are large number of credit entries from several individuals. In view of the above, I find that the Noticee was engaged in offering investment advisory services to clients/ investors for a consideration, without obtaining registration from SEBI. I also note that despite being asked to show cause, the Noticee has ignored to file reply and explain the source of the credit entries in the aforesaid bank accounts. Thus, I am inclined to hold that the credit entries in the said bank accounts aggregating to an amount of Rs. 62,10,206/-, were funds received by the Noticee from clients/ investors while offering the unregistered investment advisory services.
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Source: SecMarx — sebi:WTM/AB/WRO/WRO/21993/2022-23. 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.