sebi:WTM/ASB/WRO/WRO/22668/2022-23
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Facts / Headnote
Directions issued: five-year restraint from accessing securities market (with set-off for period already undergone under Interim Order), resolution of pending SCORES complaints within 30 days with report within 3 months, existing holdings frozen, funds not to be diverted.
Provisions invoked
- s. 12A
- s. 12
- s. 180
Regulations
- Reg. 3
- Reg. 13
- Reg. 4(1)
- Reg. 16
- Reg. 9
- Reg. 17
- Reg. 25
- Reg. 15
- Reg. 5
- Reg. 3(a)
- Reg. 15(1)
- Reg. 13(a)
- Reg. 21(1)
- Reg. 24
- Reg. 15(9)
- Reg. 21
- Reg. 25(1)
- Reg. 2(l)(c)
Parties
- Profit Guru
- Satish Shukla
Holding
The Whole Time Member held that Profit Guru and its proprietor Satish Shukla violated multiple provisions of the SEBI Act, IA Regulations, PFUTP Regulations and the Code of Conduct for Investment Advisers, including by failing to cooperate with inspection, offering overlapping/similar services with arbitrary fees, improper risk profiling, and non-redressal of SCORES complaints, and directed a five-year restraint from the securities market and resolution of pending complaints.
Full text
Final Order in the Matter of Profit Guru Page 2 of 60 the information brought out in the complaints and ascertain whether there had been any violation of the provisions of the Securities and Exchange Board of India Act, 1992 (the “SEBI Act”), the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 (the “SEBI IA Regulations”) and any circulars framed thereunder. 1.3. Subsequently, an Interim Order bearing No. WTM/MPB/IMD-DoF-1/WRO- ILO/99/2020 dated February 06, 2020 was issued in respect of Profit Guru (“Interim Order”). 1.4. In this regard, the directions passed against Profit Guru and its proprietor are provided hereunder: “ 58.1 Profit Guru and its proprietor Mr. Satish Shukla (SEBI Registration Number: INA000003510 and PAN: BLWPS1911G) are directed: - 58.1.1. to cease and desist from acting as an investment advisor including the activity of acting and representing through any media (physical or digital) as an investment advisor, directly or indirectly, and cease to solicit or undertake such activity or any other activities in the securities market, directly or indirectly, in any matter whatsoever, until further orders; 58.1.2. not to access the securities market and buy, sell or otherwise deal in securities or associate themselves with securities market, either directly or indirectly, in any manner whatsoever, until further orders; If Profit Guru / its proprietor Mr. Satish Shukla have any open position in any exchange traded derivative contract
Final Order in the Matter of Profit Guru Page 3 of 60 assets, including details of all bank accounts, demat accounts and mutual fund investments, immediately but not later than 5 working days from the date of receipt of this order. 58.1.5. 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 their name, including money lying in bank accounts except with the prior permission of SEBI 58.2. Banks including Axis Bank and State Bank of India, are directed to ensure that, without the permission of SEBI, until further orders, no debits/withdrawals are made from and no credits are made to, the bank accounts held by Profit Guru and its proprietor Mr. Satish Shukla (PAN: BLWPS1911G), jointly or severally. The Banks are also directed to ensure that all the above directions are strictly enforced. 58.3. Any person while working under PG/its proprietor Mr. Satish Shukla or under its instructions as employee or otherwise, shall cease and desist from undertaking the activity of investment advisory services, including the activity of acting and representing through any media (physical or digital) as an investment advisor, directly or indirectly, till further orders. 58.4. The Depositories are directed to ensure that till further directions no debits are made in the demat accounts of PG, or its proprietor Mr. Satish Shukla, held jointly or severally. 58.5. The Registrar and Transfer Agents are also directe
Final Order in the Matter of Profit Guru Page 4 of 60 is in this background that the present proceeding, which is to consider the
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Source: SecMarx — sebi:WTM/ASB/WRO/WRO/22668/2022-23. 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.