sebi:WTM/AB/WRO/WRO/26445/2023-24
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Facts / Headnote
Violation established; Noticees directed jointly and severally to refund fees, deposit unrefunded balance with SEBI, with asset freeze and securities market debarment
Provisions invoked
- s. 19
- s. 12(1)
Regulations
- Reg. 3(1)
- Reg. 2(1)(m)
Parties
- Uday Intellicall Pvt. Ltd.
- Noticee No. 2
- Noticee No. 3
Holding
Noticee No. 1 acted as an unregistered investment adviser in violation of Section 12(1) of SEBI Act, 1992 read with Regulation 3(1) of IA Regulations, 2013, and Noticees Nos. 1-3 were directed jointly and severally to refund Rs.1,06,12,976/- and were restrained/debarred from the securities market.
Full text
Final Order against Uday Intellicall Pvt. Ltd. and Ors. Page 2 of 10 3(1) of SEBI (Investment Advisors) Regulations, 2013 (hereinafter referred to as “IA Regulations, 2013”).
Final Order against Uday Intellicall Pvt. Ltd. and Ors. Page 3 of 10 5. I note that, SEBI’s examination has revealed the following bank accounts were maintained and run by the Noticee no. 1 –
Final Order against Uday Intellicall Pvt. Ltd. and Ors. Page 4 of 10 47,610/- has been credited through PayU Money payment gateway. From the bank statement of the aforementioned Kotak Bank Account, it is observed that Rs.17,05,254/- was credited to the said bank A/c. of Noticee no. 1. I note that the Noticees have acknowledged in their reply that the credit in the aforesaid two Bank A/c’s are from various customers of Noticee no. 1, including the Complainants. In view of the above, I am inclined to hold that the credit entries in the impugned bank accounts aggregating to an amount of Rs.1,06,12,976/- were funds received by Noticee no. 1 from clients/ investors in lieu of unregistered investment advisory services.
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Source: SecMarx — sebi:WTM/AB/WRO/WRO/26445/2023-24. 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.