sebi:WTM/AB/WRO/WRO/22736/2022-23
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Facts / Headnote
Found Noticees acted as unregistered investment adviser in violation of Section 12(1) SEBI Act read with Regulation 3(1) IA Regulations; directed refund of fees within 3 months, public notice, escrow deposit of balance with SEBI, restraint on assets/bank debits, 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 Apex Financial Services
- Jyoti Kalra
Holding
The Noticees were held to have acted as an investment adviser without SEBI registration in violation of Section 12(1) of the SEBI Act read with Regulation 3(1) of the IA Regulations, 2013, and were directed to refund all fees collected from clients/investors with ancillary escrow, asset-restraint and market-debarment directions.
Full text
Final Order in the matter of M/s Apex Financial Services, Prop. Jyoti Kalra Page 2 of 13 payment of Rs. 9,000 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. 16,000.
Final Order in the matter of M/s Apex Financial Services, Prop. Jyoti Kalra Page 3 of 13 account were Rs. 1,11,49,273 for the period June 24, 2014 to February 22, 2018. Rs. 81,10,827 were received through Payumoney account during the period July 14, 2015 to September 04, 2017.
Final Order in the matter of M/s Apex Financial Services, Prop. Jyoti Kalra Page 4 of 13 a website www.apexresearch.co.in through which she used to manage the business. Clients used to analyse the performance of the firm before taking any subscription through free trial and upon getting satisfied completely, they used to take services.
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Source: SecMarx — sebi:WTM/AB/WRO/WRO/22736/2022-23. 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.