sebi:WTM/AS/WRO/WRO/30184/2023-24
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Proceedings disposed of without issuance of any directions or imposition of penalty; interim order directions revoked with immediate effect.
Provisions invoked
- s. 19
- s. 12A
- s. 12
Regulations
- Reg. 3(a)
- Reg. 2(1)(m)
- Reg. 3(1)
Parties
- Pradeep Kumar Ola alias Pradeep Chaudhary (Profit Guruji)
Holding
The proceedings against the Noticee were disposed of without any directions or penalty, as it could not be established that the Noticee actually received consideration for investment advisory services, which is a key factor for determining whether a person is acting as an investment adviser.
Full text
Final Order in the matter of Profit Guruji Page 2 of 15 1.4. Noticee added complainant in WhatsApp group named “Profit Guruji” on March 18, 2020 and shared screenshots of profitable transactions and lured him to trade with him.
Final Order in the matter of Profit Guruji Page 3 of 15 2. Upon receipt of the aforesaid complaint, SEBI conducted an examination in relation to the activities of Profit Guruji. The said examination revealed the following:
Final Order in the matter of Profit Guruji Page 4 of 15 2.4. It was observed that the Youtube Channel in the name of ‘Profit Guruji’ was created on March 17, 2018 and the Telegram Channel in the name of ‘Profit Guruji’ was created on July 25, 2019. The said Youtube Channel and Telegram Channel were browsed for information and it was found that the Noticee was giving price targets and was making buy and sell recommendations in Bank Nifty and various stocks. The Youtube Channel showed the mobile number where the Noticee could be contacted and advertisements that claim to provide guaranteed returns. Further, it is observed from the screenshots of the said Telegram Channel that the Noticee made claims of guaranteed returns, no loss, doubling the money, etc. and was not giving any disclaimers about his trade positions.
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Source: SecMarx — sebi:WTM/AS/WRO/WRO/30184/2023-24. 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.