sebi:WTM/AN/AFD/AFD-RAC-2/30016/2023-24
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Facts / Headnote
Shares Bazaar AIF restrained from taking new commitments/investments and from drawing down funds for commitments already received; Custodian directed to permit no debit/credit transactions; directions effective immediately until further orders
Provisions invoked
- s. 19
Regulations
- Reg. 13
- Reg. 20(1)
- Reg. 11(2)
- Reg. 4(f)
- Reg. 4
- Reg. 3(5)
Parties
- Shares Bazaar AIF
- Shares Bazaar Private Limited
Holding
Pending enquiry/investigation, Shares Bazaar AIF is restrained from taking new commitments/investments and from drawing down funds for commitments already received, and its Custodian Orbis Financial Corporation Limited shall not permit any debit/credit transactions in its accounts.
Full text
Interim Ex Parte Order in respect of Shares Bazaar AIF Page 2 of 15 level marketing scheme. It is noted that SBPL is the Manager cum Sponsor of Shares Bazaar AIF, a Category III Alternative Investment Fund (“AIF”), registered with SEBI since April 27, 2023 bearing registration no. IN/AIF3/23-24/1263. This
Interim Ex Parte Order in respect of Shares Bazaar AIF Page 3 of 15 4.3. SBPL filed a complaint, on March 10, 2022, against Mr. Mr. Tirumala Lakshmi Venkata Ramesh in KPHB Police Station, Cyberabad. The content regarding PMS was uploaded as a test-check by ex-CEO, Mr. Ramesh and it was removed in April 2022. 4.4. The Company had not entered into any agreement with clients relating to PMS and only a draft service agreement was prepared which would be signed only upon receipt of SEBI registration.
Interim Ex Parte Order in respect of Shares Bazaar AIF Page 4 of 15 submitted the said undertaking to SEBI on September 26, 2022. However, examination has revealed that SBPL continued to raise funds through the said bank accounts even after submitting the undertaking to SEBI.
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Source: SecMarx — sebi:WTM/AN/AFD/AFD-RAC-2/30016/2023-24. 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.