sebi:WTM/AB/WRO/WRO/23572/2022-23
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Facts / Headnote
Violation found; Noticees directed to refund fees, publish notice, deposit balance with SEBI, and debarred from securities market for 5 years
Provisions invoked
- s. 19
- s. 12(1)
Regulations
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 2(1)(m)
- Reg. 2(l)
Parties
- M/s GVM Research
- Nilesh Joshi
- Yashwant Sharma
- Ramesh Joshi
Holding
The Noticees acted as an unregistered investment adviser in commodity derivatives 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 money received from clients/investors within three months, deposit any unclaimed balance with SEBI, and were debarred from the securities market for 5 years.
Full text
Final Order in the matter of M/s GVM Research Page 2 of 15 referred to as “SEBI Act, 1992”) and Regulation 3(1) of SEBI (Investment Advisers) Regulations, 2013 (hereinafter referred to as “IA Regulations, 2013”). The SCN called upon the Noticees to show cause as to why suitable directions including refund of fees collected, debarment, non-association with listed entities, intermediaries, etc. should not be issued against the Noticees under Sections 11(4) and 11B(1) of the SEBI Act, 1992.
Final Order in the matter of M/s GVM Research Page 3 of 15 personal hearing was granted to the Noticees on February 28, 2022. Noticee no. 1, 3 and 4 sought adjournment of hearing scheduled on February 28, 2022. Noticee no. 2 neither sought an adjournment nor appeared for the hearing scheduled for February 28, 2022. Accordingly, another opportunity of hearing was granted to all the Noticees on April 28, 2022. On the scheduled date of hearing, the Authorized Representative of the Noticee nos. 1, 3 and 4 appeared in person and made
Final Order in the matter of M/s GVM Research Page 4 of 15 At the outset the Respondent No. 1, 2 and 3 would like to clarify that they are currently not engaged in any capacity jointly or severally in the business of Investment Advisory, as defined and regulated under IA Regulations.
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Source: SecMarx — sebi:WTM/AB/WRO/WRO/23572/2022-23. 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.