sebi:WTM/AN/WRO/WRO/29772/2023-24
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Facts / Headnote
Certificate of registration (INA000008242) cancelled; Noticee restrained from securities market for one year; directed to resolve pending SCORES complaints within 30 days; interim directions continued including asset alienation restrictions.
Provisions invoked
- s. 12A
Regulations
- Reg. 3
- Reg. 4
- Reg. 16
- Reg. 17
- Reg. 15
- Reg. 21
- Reg. 3(a)
- Reg. 15(3)
- Reg. 15(1)
- Reg. 25
- Reg. 27
- Reg. 15(9)
- Reg. 17(a)
- Reg. 16(e)
Parties
- Ms. Pinky Kelva, proprietor of Future Investment
Holding
SEBI cancelled the investment adviser registration of Ms. Pinky Kelva (Future Investment) for violating IA Regulations and PFUTP Regulations, restrained her from the securities market for one year, and directed resolution of pending complaints. The Noticee was found to have promised assured returns, sold multiple packages unsuitable to client risk profiles, obtained client trading credentials, and failed to redress grievances.
Full text
__________________________________________________________________________________ Order in the Enquiry Proceedings against Future Investment Page 2 of 38 3.3. Noticee had sold multiple packages to her clients and had collected multiple payments in a short period; 3.4. Noticee did not provide advice in line with the risk profile of her clients; 3.5. Noticee had obtained trading account credentials from her clients for trading on their behalf; 3.6. Noticee had failed to redress investor grievances.
__________________________________________________________________________________ Order in the Enquiry Proceedings against Future Investment Page 3 of 38 successful. Considering that the SCN could not be served through the aforesaid modes, the details of the SCN was published in the newspapers (Times of India - English and Patrika - Hindi) on August 29, 2023. The SCN was also uploaded on the SEBI website under the heading “Unserved Summons / Notices”. It is noted from the records that no reply has been received from the Noticee in response to the SCN.
__________________________________________________________________________________ Order in the Enquiry Proceedings against Future Investment Page 4 of 38 manner whatsoever or on behalf of any of her clients through their accounts, till further directions. 9.3.2.Ms. Pinky Kelva, proprietor of Future Investment shall cease and desist from undertaking any activity in the securities market including the activity of acting and representing through any media (physical or digital) as an investment advisor, directly or indirectly, in any manner whatsoever till further directions. 9.3.3.Ms. Pinky Kelva, proprietor of Future Investment is directed not to dispose of or alienate any assets, whether movable or immovable, or any interest or investment or charge on any of such assets, held in her name or her proprietary firm’s name i.e., Future Investment, including money lying in bank accounts except with the prior permission of SEBI. 9.3.4.Ms. Pinky Kelva, proprietor of Future Investment is directed not to divert any funds raised from investors, kept in bank account(s) and/or in her custody until further orders.
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Source: SecMarx — sebi:WTM/AN/WRO/WRO/29772/2023-24. 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.