sebi:WTM/AB/WRO/WRO/25246/2022-23
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Facts / Headnote
Violation found; Noticees directed to refund fees, deposit balance with SEBI, and debarred from securities market
Provisions invoked
- s. 19
- s. 12(1)
- s. 366
Regulations
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 2(1)(m)
- Reg. 2(1)(u)
Parties
- M/s. Capital Research (Prop. Gopal Gupta)
- M/s. Capres (Prop. Mr. Rahul Patel)
- Mr. Gopal Gupta
- Mr. Rahul Patel
Holding
The Noticees acted as unregistered investment advisers 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 Rs.60,83,703.82 to clients/investors, deposit any unrefunded balance with SEBI, and were debarred from the securities market for six months.
Full text
Final Order - M/s. Capital Research (Prop. Gopal Gupta) and M/s. Capres (Prop. Mr. Rahul Patel) Page 2 of 14 2. The SCN alongwith the Annexures was served upon the Noticees through Speed Post. I note that Noticee no. 2 and 3 have filed combined replies dated August 23, 2021 and October 11, 2021. Subsequently, on December 31, 2021, the matter was placed before undersigned for granting a suitable date for personal hearing. An opportunity of personal hearing was granted to Noticees on April 5, 2022. However, the Noticees had sought an adjournment of the scheduled hearing on the ground of non-availability of arguing counsel on the scheduled date. Accordingly, the hearing was adjourned to May 11, 2022. On the re-scheduled date of hearing, the Advocate appearing on behalf of both the Noticees was heard. Subsequently, vide an email dated December 16, 2022, the Noticees were provided with an opportunity to file additional submissions, if any. I note that the Noticees have not availed this opportunity.
Final Order - M/s. Capital Research (Prop. Gopal Gupta) and M/s. Capres (Prop. Mr. Rahul Patel) Page 3 of 14 3. Bullion Metals Combio 4. Bullion Metals + Agri
Final Order - M/s. Capital Research (Prop. Gopal Gupta) and M/s. Capres (Prop. Mr. Rahul Patel) Page 4 of 14 entries in the said Bank A/c. were by cash deposit. The cash deposits were made from various locations across India viz. Aligarh, Jaipur, Surat, Amravati, Porbandar, Mumbai- Borivali, Chirawa, Nagpur, Kolkatta, Faridabad, Ludhiana, Vadodra, etc. I also observe that almost all debit entries in the said A/c. were ATM Cash Withdrawal. Total amount credited in the said bank account from August 13, 2015 to May 17, 2017, is Rs. 21,24,461.78. The said account was closed on May 17,
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Source: SecMarx — sebi:WTM/AB/WRO/WRO/25246/2022-23. 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.