sebi:WTM/ASB/SRO/SRO/24218/2022-23
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Violation established; Noticee directed to refund fees, publish public notice, deposit balance with SEBI, and debarred from securities market for one year.
Provisions invoked
- s. 19
- s. 12(1)
- s. 12
Regulations
- Reg. 3
- Reg. 3(1)
- Reg. 2(m)
- Reg. 2(l)
Parties
- Mohandass Sangaiyah
- Smart Gain Advisory Service
Holding
The Noticee, Mohandass Sangaiyah proprietor of Smart Gain, acted as and held himself out as an Investment Adviser without SEBI registration in violation of Section 12(1) of the SEBI Act read with Regulation 3(1) of the Investment Advisers Regulations, and was directed to refund Rs. 6,81,804 to clients/investors, deposit any balance with SEBI, and suffer one-year market debarment.
Full text
______________________________________________________________________ Order in the matter of Smart Gain Advisory Service – Mohandass Sangaiyah 2 / 14 iv. Copy of account statement of all the bank accounts of Smart Gain pertaining to the last three financial years. v. Copy of account statement of all the payment gateways (used by Smart Gain for receiving fees from clients for advisory services) for the last three financial years.
______________________________________________________________________ Order in the matter of Smart Gain Advisory Service – Mohandass Sangaiyah 3 / 14 all advertisements, representations, etc. physical or digital, in relation to their investment advisory /research analyst /portfolio management services or any other unregistered activity in the securities market since they were not registered with SEBI. Further, SEBI stated that the exemption granted was for an Insurance Agent who offered investment advice solely on insurance products and such exemption did not extend to the Noticee /Smart Gain who were offering investment advice related to the securities market.
______________________________________________________________________ Order in the matter of Smart Gain Advisory Service – Mohandass Sangaiyah 4 / 14
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Source: SecMarx — sebi:WTM/ASB/SRO/SRO/24218/2022-23. 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.