sebi:WTM/AB/WRO/WRO/26383/2023-24
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Facts / Headnote
Corrigendum issued correcting para 10 of the Final Order dated May 10, 2023; the Final Order shall be read along with this Corrigendum.
Regulations
- Reg. 2(1)(m)
Parties
- M/s. Globex Money Research
- Mr. Palkesh Khandelwal
Holding
Para 10 of the Final Order dated May 10, 2023 is corrected as set out in the Corrigendum, and the Final Order shall always be read along with this Corrigendum.
Full text
IN THE MATTER OF M/S. GLOBEX MONEY RESEARCH 1. SEBI had passed a final order in respect of Mr. Palkesh Khandelwal proprietor of M/s. Globex Money Research on May 10, 2023, bearing order no. ‘WTM/AB/WRO/WRO/26354/2023-24’ (‘Final Order’).
2. In the Final Order, in para 10, due to inadvertent error, the name of the Noticee has been wrongly mentioned. In view of the above, para 10 of the Final order shall be read as under: “………10. I note that if an entity is engaged in providing advice relating to investing in, purchasing, selling or otherwise dealing in securities or investment products, and advice on investment portfolio containing securities or investment products, whether written, oral or through any other means of communication for the benefit of the client in lieu of consideration, including entities which are holding themselves out as investment advisers, are covered by the definition of “Investment Adviser” as given in Regulation 2(1)(m) of the IA Regulations, 2013. As noted above, Rs.60,83,703.82 were received in the aforesaid bank accounts whose beneficiary was the Noticee. As noted in the previous paragraph, the payments received in the bank accounts of the Noticee, were in lieu of the investment advisory services provided by M/s. Globex Money Research. Hence, I find that M/s. Globex Money Research and its proprietor Mr. Palkesh Khandelwal, were engaged in the business of providing investment advice to their clients, for consideration, and thus, acting as investment advisers, as defined under Regulation 2(1)(m) of the IA Regulations, 2013……….”
3. The Final Order shall always be read along with this ‘Corrigendum’. 4. A copy of this Corrigendum shall be served upon the Noticee, all recognised stock exchanges, depositories, the Registrar and Share Transfer Agents of all Mutual Funds alongwith the copy of the Final Order.
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Source: SecMarx — sebi:WTM/AB/WRO/WRO/26383/2023-24. 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.