sebi:WTM/AB/WRO/WRO/22065/2022-23
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Facts / Headnote
Held Noticees acted as unregistered investment adviser and directed refund of money received within 3 months with public notice, deposit of balance with SEBI in escrow, 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
- Swastika Services
- Ms. Archana Sharma
Holding
The Noticees 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 and were directed to refund consideration received, deposit any balance with SEBI, and were debarred from the securities market.
Full text
Final Order in the matter of Swastika Services Page 2 of 10 2. The SCN was served through Speed Post. The Noticees did not file any reply to the SCN. Subsequently, the file was placed before me on March 04, 2022 for granting a hearing date, in order to comply with the principles of natural justice and the Noticees were granted an opportunity of personal hearing on June 02, 2022. The Noticees failed to attend the hearing and did not seek any adjournment to the same. In view of the same, the hearing was concluded qua the Noticees.
Final Order in the matter of Swastika Services Page 3 of 10 “Stock tips by experts, commodity trading tips provider MCX tips on mobile.”
Final Order in the matter of Swastika Services Page 4 of 10 Moreover, the complainant had also provided the details of the bank account to which he had transferred money in order to avail the purported service of the Noticees. The details of the bank account of Swastika Services provided by the complainant was as follows: Name: Swastika Services Account. No :144 05001053 Branch: Indore RTGS/NEFT IFSC Code: ICIC0001441
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Source: SecMarx — sebi:WTM/AB/WRO/WRO/22065/2022-23. 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.