sebi:WTM/ASB/SRO/SRO/20714/2022-23
Facts / Headnote
Noticee found to have violated Section 12(1) of SEBI Act, 1992 read with Regulation 3(1) of IA Regulations; directed to refund ₹33,19,784.08 to clients, deposit balance with SEBI, and debarred from securities market for 3 years.
Provisions invoked
- s. 19
- s. 12(1)
- s. 12
Regulations relied on
- SEBI (Investment Advisers) Regulations, 2013 — 2(l)
- SEBI (Investment Advisers) Regulations, 2013 — 2(m)
- SEBI (Investment Advisers) Regulations, 2013 — 3(1)
Parties
- Ajay Kumar Mukhiya (Proprietor of M/s. Momentum Tips)
Holding
The Noticee, by offering investment advisory packages for consideration without registration, acted as an 'Investment Adviser' in violation of Section 12(1) of the SEBI Act, 1992 read with Regulation 3(1) of the IA Regulations. He was directed to refund ₹33,19,784.08 collected as fees, deposit any balance with SEBI, and was debarred from the securities market for 3 years.
Full text
Order in the matter of Momentum Tips (Proprietor- Ajay Kumar Mukhiya) Page 1 of 11 WTM/ASB/SRO/SRO/20714/2022-23 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA
Order in the matter of Momentum Tips (Proprietor- Ajay Kumar Mukhiya) Page 2 of 11 (b) Easebuzz stated that the payments received through the aforesaid website were credited to the HDFC bank account (A/c. No. 50100262456976). As per the KYC documents submitted by HDFC bank, the Noticee was the beneficiary and authorized signatory of the said bank account no. 50100262456976. The details of the said bank account are as under: Account Number & Bank Account details Address 50100262456976 HDFC Bank Momentum Tips – Ajay Kumar Mukhiya – EQCPM6774F No. 250/12 7th Block, Ullal Main Road, Sir M Vishweshwaraiah Layout Viswaneedam, Bengaluru – 560091 Mobile: 8660777585; 9632540432; 7676261016 Email: momentumtips@gmail.com Aadhar: 509562272797 Easebuzz Payment Gateway (c) From the statement of account received from HDFC Bank and Easebuzz, it was observed that there were multiple credits to the aforesaid HDFC bank account other than the credits from Easebuzz with description like trade, advisory charges, towards registration, option premium trade, NSE advisory etc. A sample of such credits into the HDFC Bank account is given below: Sl. no. Date of Transaction Description Credited Amount in Rs. 1 14/02/2019 UPI-622631644-LOGAN.CUMAR@OKSBI-904517512288-TRADE
Order in the matter of Momentum Tips (Proprietor- Ajay Kumar Mukhiya) Page 3 of 11 Sl. no. Date of Transaction Description Credited Amount in Rs. 13 03/06/2019 UPI-RACHA SATISH KUMAR-RACHASATISH@OKHDFCBANK- HDFC0002398-915417545446-MOMENTUM TIPS TRAD
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Source: SecMarx — sebi:WTM/ASB/SRO/SRO/20714/2022-23. 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.