sebi:WTM/AB/WRO/WRO/24183/2022-23
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Facts / Headnote
Certificate of Registration no. INA00000904 of M/s Niveshicon Investment Advisory (Prop. Veerendra Gupta) suspended for a period of six months.
Provisions invoked
- s. 19
- s. 12A
- s. 12
- s. 12(3)
- s. 420
- s. 154
- s. 6(1)
- s. 26
Regulations
- Reg. 2(c)
- Reg. 3
- Reg. 13
- Reg. 9
- Reg. 17
- Reg. 15
- Reg. 3(a)
- Reg. 15(1)
- Reg. 21(1)
- Reg. 2(b)
- Reg. 27
- Reg. 26
- Reg. 13(b)
- Reg. 15(9)
- Reg. 28(f)
- Reg. 27(4)
Parties
- M/s Niveshicon Investment Advisory (Prop. Veerendra Gupta)
Holding
The order found that Niveshicon Investment Advisory violated multiple provisions of the IA Regulations 2013, PFUTP Regulations 2003 (read with Section 12A of the SEBI Act), the Code of Conduct, and SEBI circulars on grievance redressal and risk profiling, and accordingly suspended its certificate of registration for six months.
Full text
Order in the matter of Enquiry Proceedings against Niveshicon Investment Advisory Page 2 of 36 2. The ER has concluded that the Noticee has violated: a. Regulation 13(b) of SEBI (Investment Advisers) Regulations, 2013 (hereinafter referred to as “IA Regulations, 2013”) b. Regulation 3 (a), (b), (c), (d) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995 (hereinafter referred to as “PFUTP Regulations, 2003”) read with section 12A (a), (b) and (c) of SEBI Act, 1992. c. Regulation 15(1), 15(8), 17(a), 17(d), 17(e) of IA Regulations, 2013 d. Clauses 1, 2, 5 and 6 of Code of Conduct as mentioned in Schedule III read with regulation 15(9) of IA Regulations, 2013 e. Circular SEBI/HO/IMD/DF1/CIR/P/2019/169 dated December 27, 2019. f. SEBI Circular CIR/OIAE/2014 dated December 18, 2014 and Regulation 21(1) read with 28(f) of IA Regulations, 2013 g. Circular SEBI/HO/IMD/DF1/CIR/P/2019/169 dated December 27, 2019.
Order in the matter of Enquiry Proceedings against Niveshicon Investment Advisory Page 3 of 36 was availed by it on May 11, 2022. In this regard, Regulation 27(4) of the Intermediaries Regulations, 2008 states as follows:
Order in the matter of Enquiry Proceedings against Niveshicon Investment Advisory Page 4 of 36 proposed to be listed on a recognised stock exchange, in contravention of the provisions of this Act or the rules or the regulations made thereunder;
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Source: SecMarx — sebi:WTM/AB/WRO/WRO/24183/2022-23. 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.