sebi:WTM/AB/WRO/WRO/24111/2022-23
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Held Noticees liable for acting as unregistered investment adviser and for fraud; directed to refund money received as fees/consideration for unregistered advisory within three months, restrained from selling assets and limited bank debits except for refunds/deposit with SEBI; order effective immediately.
Provisions invoked
- s. 19
- s. 12(1)
- s. 12A
- s. 12
Regulations
- Reg. 2(c)
- Reg. 3
- Reg. 2(1)(c)
- Reg. 4(1)
- Reg. 3(a)
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 2(1)(m)
- Reg. 2(m)
- Reg. 2(b)
- Reg. 4(2)(k)
- Reg. 4(2)(s)
Parties
- M/s Perpetual Research
- Mr. Priyank Sharma, Proprietor
Holding
The Noticees acted as an Investment Adviser without mandatory SEBI registration in violation of Section 12(1) of SEBI Act, 1992 read with Regulation 3(1) of the IA Regulations, 2013 and engaged in fraudulent conduct in violation of PFUTP Regulations, 2003. They were directed to refund advisory fees/consideration and subjected to asset and bank-account restraints for that purpose.
Full text
Final Order in the matter of M/s Perpetual Research, Prop. Priyank Sharma Page 2 of 38 Unfair Trade Practices relating to Securities Market) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations, 2003).
Final Order in the matter of M/s Perpetual Research, Prop. Priyank Sharma Page 3 of 38 iii. On perusal of the documents provided by PayU Money, following was observed:
Final Order in the matter of M/s Perpetual Research, Prop. Priyank Sharma Page 4 of 38 4 Axis Bank (91501006320446 1) 21.12.2015 01.03.2016 to 07.11.2020 4,04,24,123/ - 5 Axis Bank (91801002812017 6) 06.04.2018 29.11.2018 to 30.06.2018 24,41,544/- 6 SBI Bank (63050218476) 26.12.2009 26.12.2009 to 25.07.2019 1,06,67,075/ - 7 HDFC Bank (50100200545560) 01.04.2017 01.04.2017 to 11.11.2020 7,52,220/- 8 ICICI Bank (185905000765) Jewelry Loan account 9 ICICI Bank (144105001736) 10 Axis Bank (92006005219815 2 Loan account 11 Axis Bank (92006005219632 1)
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/AB/WRO/WRO/24111/2022-23. 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.