sebi:WTM/AN/WRO/WRO/29863/2023-24
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Noticees held to have provided unregistered investment advisory services; directed jointly and severally to refund INR 13,26,430 with 12% p.a. interest within three months, debarred from securities market for two years from completion of refunds, and penalty of INR 5,00,000 imposed jointly and severally.
Provisions invoked
- s. 11
- s. 19
- s. 11(1)
- s. 12(1)
- s. 11B
- s. 15J
- s. 15F
- s. 15E
Regulations
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 2(1)(m)
- Reg. 2(m)
- Reg. 2(1)(g)
Parties
- M/s. Starburst Research
- Mustkim
- Sarfraj Ali
Holding
The Noticees acted as investment advisers without SEBI registration in violation of Section 12(1) of the SEBI Act read with Regulation 3(1) of the IA Regulations and are liable to refund INR 13,26,430 with 12% interest, suffer two-year market debarment, and pay INR 5,00,000 penalty jointly and severally.
Full text
Final Order in respect of M/s. Starburst Research and its proprietors Mustkim and Sarfraj Ali in the matter of unregistered investment advisory activity Page 2 of 19 Regulations, 2013 (“IA Regulations”) and any other Rules or Regulations made thereunder, by the Noticees.
Final Order in respect of M/s. Starburst Research and its proprietors Mustkim and Sarfraj Ali in the matter of unregistered investment advisory activity Page 3 of 19 Annexures to the SCN Annexure No. Particulars E Copy of account statement of Yes Bank account number 083XXXXXXXXX002 F Credit entries considered as advisory fee obtained by Starburst G Letters dated November 18, 2021 sent to the Noticees H Call recording provided by the complainant
Final Order in respect of M/s. Starburst Research and its proprietors Mustkim and Sarfraj Ali in the matter of unregistered investment advisory activity Page 4 of 19 sustain it for a long time. Research house is a company where we have the best research team for each segment of the market.”
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/AN/WRO/WRO/29863/2023-24. 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.