sebi:WTM/AB/WRO/WRO/25930/2023-24
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Facts / Headnote
Noticees found to have acted as unregistered investment adviser and directed to refund fees, publish public notice, deposit balance with SEBI, with asset restraint and 6-month securities market debarment
Provisions invoked
- s. 19
- s. 12(1)
- s. 12
Regulations
- Reg. 2
- Reg. 3(1)
- Reg. 2(1)(m)
Parties
- M/s Big Life Capital Solutions
- Mr. Prateek Vyas
Holding
The Noticees acted as an investment adviser without SEBI registration in violation of Section 12(1) of SEBI Act read with Regulation 3(1) of IA Regulations, 2013 and were directed to refund consideration received, deposit balance with SEBI, and were debarred from securities market.
Full text
Final Order in the matter of M/s Big Life Capital Solutions Page 2 of 17 2. The SCN stated that SEBI received two complaints against M/s Big Life Capital Solutions alleging that the complainants incurred losses due to advisory services provided by the Noticees. One of the complainants submitted that M/s Big Life Capital Solutions charged an amount of Rs. 7,000/- for providing investment advisory services with accuracy of 95% and the trades undertaken on the basis of such advice resulted in losses to the complainant. Subsequently, M/s Big Life Capital Solutions demanded additional Rs. 5,000/- from the said complainant. Upon refusal to pay the additional Rs 5,000/- demanded, the Noticees stopped providing advisory services and picking up phone calls made by the complainant. Another complainant submitted that M/s Big Life Capital Solutions charged Rs. 15,000 for providing advice for intraday trading in equities and the trades undertaken on the basis of such advice resulted in losses. As per the intermediary database on SEBI website, M/s Big Life Capital Solutions was not registered with SEBI as an investment advisor.
Final Order in the matter of M/s Big Life Capital Solutions Page 3 of 17 1. Securities and Exchange Board of India (hereinafter referred to as “SEBI”) had received two complaints dated August 14, 2015 from Shri. Vinit Atri and dated December 31, 2015 from Ms. Archana Singh (hereinafter referred to as “complainants”), against Big Life Capital Solutions (hereinafter referred to as “BLCS”) and proprietor Mr. Prateek Vyas (PAN: AKIPV4554A) (BLCS and Mr. Prateek Vyas collectively referred to as the ‘Noticee’). In the complaint dated August 14, 2015, Shri. Vinit Atri has, inter alia, alleged that he received calls from BLCS in the month of July, 2015 wherein he was advised to pay Rs.7000 for getting HNI Calls with accuracy of 95%. He paid money in two installments to BLCS through credit card in the month of July,
Final Order in the matter of M/s Big Life Capital Solutions Page 4 of 17 telephonic assistance round the clock. Our service range from Equities to Futures and Options with timely entry and exit calls for trading. Our trading calls are based on mixture of technical and fundamental analysis and sometimes news based. All the calls will be for intraday trading. The performance of our services is different and unique from our competitors and some of our services are inventions in its own. If you are a Stock and Commodity Trader then you have landed up at the right place. Join us and Feel the Difference.”
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Source: SecMarx — sebi:WTM/AB/WRO/WRO/25930/2023-24. 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.