sebi:WTM/AB/WRO/WRO/24505/2022-23

SEBI · SEBI · 2018-04-30 · Ananta Barua, Whole Time Member

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Noticees found to have acted as unregistered investment advisers; directed jointly and severally to refund fees received in respect of unregistered investment advisory activities within three months with public notice and CA-certified report, deposit balance with SEBI, restrained on assets and debarred from securities market for 6 months.

Provisions invoked

• s. 19
• s. 12(1)

Regulations

• Reg. 2
• Reg. 2(1)(l)
• Reg. 3(1)
• Reg. 2(1)(m)
• Reg. 2(1)(u)

Parties

• Money Rise Research
• Mrise Info
• Shri Shreyans Tongya
• Shri Garvit Jain
• Ms. Vishakha Ajmera
• Mr. Abhishek Billore

Holding

The Noticees, through Money Rise/Mrise Info and Money Rise website, were engaged in the business of providing investment advice for consideration without SEBI registration, violating Section 12(1) of SEBI Act read with Regulation 3(1) of IA Regulations, 2013, and were directed to jointly and severally refund amounts received with 6-month market debarment and ancillary directions.

Full text

Final Order in the matter of M/s. Moneyrise Research/Mrise Info Page 2 of 27 investment advice/tips on trading calls with guaranteed return/profits to clients and that due to the trade done by the entity, the complainant incurred a loss of Rs. 1,06,913. The amount paid by the complainant was traced to the bank accounts of the entity. The complainant had also provided a statement containing 23 trading calls received from the entity during the period April 30, 2018 to May 21, 2018.

Final Order in the matter of M/s. Moneyrise Research/Mrise Info Page 3 of 27 Stock Cash, Stock Future Regular, Stock Option, Premium Equity Cash, Base Metal Pack, Premium MCX, Premium Stock Future, Energy Regular Pack, NCDEX Premium, NCDEX Regular, BTST/STBT, PCG Pack, Equity Combo Package, Bullions Pack, MCX Regular

Final Order in the matter of M/s. Moneyrise Research/Mrise Info Page 4 of 27  Nature of Business: IT Services  Address of the entity: Office No. 102, Swastik chamber, 9, Manoramaganj, Indore, MP- 452001  Annual turnover: Rs.25 lakh  Date of Incorporation: January 25, 2018  KYC document: copy of the Trade License issued by Nagar Palik Nigam, Indore, with following details: o Name of Company: Mrise Info o Name of applicant: Abhishek Billore o License Validity: April 1, 2018 to March 31, 2019 o Date of Registration: April 19, 2018  Credits received: Rs. 33,90,893.61  The transaction statement shows various entries where the narration is trading advice/fee

Source: SecMarx — sebi:WTM/AB/WRO/WRO/24505/2022-23. 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.