sebi:WTM/AN/SRO/SRO/29100/2023-24
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Facts / Headnote
Noticees found in violation of Section 12(1) of SEBI Act and regulation 3 of PMS Regulations, 1993; directed to refund INR 7,31,10,957/- to clients, issue public notices, restrained from securities market activities, and debarred from portfolio management services without registration.
Provisions invoked
- s. 19
- s. 12(1)
- s. 65B
Regulations
- Reg. 3
- Reg. 199
- Reg. 2
- Reg. 42
Parties
- GJ Advisory Services (proprietor: Mr. Gourav Jain)
- Profit Ideas Advisory Services (proprietor: Ms. Poonam Jain)
Holding
The Noticees carried out portfolio management services without obtaining registration from SEBI, in violation of Section 12(1) of the SEBI Act and regulation 3 of the PMS Regulations, 1993. They were directed to refund INR 7,31,10,957/- collected from clients and restrained from securities market activities.
Full text
________________________________________________________________________________ Final Order in the matter of GJ Advisory Services and Profit Ideas Advisory Services Page 2 of 37 (since repealed) (“PMS Regulations, 1993”) and had prima facie collected INR 8,89,23,049/- through their activities. The said activity was carried on during the period May 29, 2017 to February 2020.
________________________________________________________________________________ Final Order in the matter of GJ Advisory Services and Profit Ideas Advisory Services Page 3 of 37 were granted an opportunity of hearing on October 18, 2022, which was adjourned upon a request made by the Noticees.
________________________________________________________________________________ Final Order in the matter of GJ Advisory Services and Profit Ideas Advisory Services Page 4 of 37 6.5. The proprietorship firms are engaged in businesses such as providing alerts with regard to the stock market and market data, personal messaging services, stock market training services, global market updates, online courses, etc. The services included providing training material, result update/corporate action about listed companies, etc. The Noticees have not provided any BUY/SELL, STOP LOSS, TARGET or HOLD recommendations to any of their clients. The purpose of Noticees business was to pass information and generate alerts that were easily available on various public domains.
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Source: SecMarx — sebi:WTM/AN/SRO/SRO/29100/2023-24. 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.