sebi:WTM/AN/WRO/WRO/29258/2023-24
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Facts / Headnote
Noticees found liable for unregistered portfolio management, unregistered investment advisory, and fraudulent scheme; restrained from securities market for two years post-refunds; refunds directed to clients/investors.
Provisions invoked
- s. 11(4)
- s. 19
- s. 11(1)
- s. 12(1)
- s. 12A
- s. 12
- s. 27
- s. 26
- s. 11B(1)
Regulations
- Reg. 3
- Reg. 2
- Reg. 3(a)
- Reg. 3(1)
- Reg. 2(1)(m)
- Reg. 3(3)
- Reg. 4(2)(s)
- Reg. 3(a)(b)(c)
- Reg. 2(1)(g)
- Reg. 4(d)
Parties
- Ameet Savant (Proprietor of Ventura) [Noticee 1]
- Crefin India Management Pvt. Ltd. [Noticee 2]
- Director of Crefin India Management Pvt. Ltd. [Noticee 3]
- Director of Crefin India Management Pvt. Ltd. [Noticee 4]
Holding
Noticee 1 (Ameet Savant/Ventura) was found to have carried on unregistered portfolio management services and engaged in a fraudulent scheme, while Noticees 2 to 4 (Crefin India Management Pvt. Ltd. and its directors) were found to have carried on unregistered investment advisory activity and participated in the fraudulent scheme, in violation of the SEBI Act, PM Regulations, IA Regulations, and PFUTP Regulations.
Full text
Order in the matter of unregistered portfolio management services activity by Page 2 of 46 Ameet Savant (Proprietor of Ventura) and unregistered investment advisory activity by Crefin India Management Pvt. Ltd. and its directors advisory services, thereby violating provisions of Securities and Exchange Board of India Act, 1992 (“SEBI Act”), SEBI (Portfolio Managers) Regulations, 1993 (“PM Regulations”) and SEBI (Investment Adviser) Regulations, 2013 (“IA Regulations”). The SCN also alleges that the Noticees devised a scheme (“alleged fraudulent scheme”) to defraud investors and thereby violated provisions of the SEBI Act and SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (“PFUTP Regulations”).
Order in the matter of unregistered portfolio management services activity by Page 3 of 46 Ameet Savant (Proprietor of Ventura) and unregistered investment advisory activity by Crefin India Management Pvt. Ltd. and its directors Bank for account no. 9550). When VSL received complaints from clients/ investors, it terminated its contract with Noticee 1 vide letter dated June 06, 2019.
Order in the matter of unregistered portfolio management services activity by Page 4 of 46 Ameet Savant (Proprietor of Ventura) and unregistered investment advisory activity by Crefin India Management Pvt. Ltd. and its directors
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Source: SecMarx — sebi:WTM/AN/WRO/WRO/29258/2023-24. 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.