sebi:WTM/ASB/WRO/WRO/25157/2022-23
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Facts / Headnote
Noticees 1, 3 and 4 found liable for violations; directed to refund ₹2,96,84,143 to clients, debarred from securities market for 3 years, and penalties of ₹5,00,000 each under Section 15HA and ₹1,00,000 each under Section 15HB imposed on Noticees 3 and 4. No directions issued against Noticee 2.
Provisions invoked
- s. 12(1)
- s. 11B
- s. 12A
- s. 12
- s. 11
- s. 15H
- s. 15J
- s. 15F
Regulations
- Reg. 3
- Reg. 2(1)(c)
- Reg. 3(a)
- Reg. 3(1)
- Reg. 2(m)
- Reg. 3(d)
- Reg. 2(l)
Parties
- M/s Investment India Financial Services (IIFS)
- NYN Investment India Financial Services Pvt. Ltd.
- Anant Rathore
- Vijesh Joshi
Holding
Noticees 1, 3 and 4 were held to have violated Section 12(1) of the SEBI Act read with Regulation 3(1) of the Investment Advisers Regulations by providing investment advisory services without SEBI registration, and Section 12A(c) of the SEBI Act read with Regulation 3(d) of the PFUTP Regulations by falsely representing themselves as a SEBI registered investment adviser. Noticees 3 and 4 were held jointly and severally liable to refund ₹2,96,84,143, debarred from the securities market for 3 years, and penalized ₹5,00,000 each under Section 15HA and ₹1,00,000 each under Section 15HB.
Full text
___________________________________________________________________ Order in the matter of M/s Investment India Financial Services 2 / 21 i. IIFS, Anant Rathore, Vijesh Joshi and Nyn Investment Financial Services Pvt. Ltd. (a company having as its Directors, Anant Rathore and Vijesh Joshi) ("NYN/Noticee no. 2") (hereinafter collectively referred to as "Noticees") carried out investment advisory activities and held themselves out as 'Investment Advisers' without obtaining a Certificate of Registration from SEBI in violation of the provisions of Section 12(1) of the SEBI Act, 1992 ("SEBI Act") read with Regulation 3(1) of SEBI (Investment Advisers) Regulations, 2013 ("Investment Advisers Regulations").
___________________________________________________________________ Order in the matter of M/s Investment India Financial Services 3 / 21 SERVICES PVT. LTD. HINDI – NAI DUNIA (INDORE EDITION) DATED JANUARY 5, 2022
___________________________________________________________________ Order in the matter of M/s Investment India Financial Services 4 / 21 Noticee vide an e–mail dated January 24, 2023. However, no reply in this regard was received from Noticee 3.
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Source: SecMarx — sebi:WTM/ASB/WRO/WRO/25157/2022-23. 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.