sebi:WTM/GA/124/ISD/01/07
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Facts / Headnote
cease and desist directions issued against noticees
Provisions invoked
- s. 11B
- s. 19
- s. 12
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 4(2)
- Reg. 5
- Reg. 2(e)
- Reg. 4(2)(r)
- Reg. 4(2)(k)
- Reg. 2(1)(c)(5)
Parties
- Shri Anirudh Sethi
- Stock Market Navigator (SMN)
Holding
SEBI by ex-parte order directed Shri Anirudh Sethi and Stock Market Navigator to cease and desist from giving investment advice including recommendations containing company-specific news in violation of the FUTP Regulations and from acting as an unregistered portfolio manager until registered.
Full text
Page 2 of 10 Gear-up, Get – Set for a Superior Life-style Pl Note: No Trials, No Monthly/Qtrly break-ups Anirudhsethi71@yahoo.com”
Page 3 of 10 management or administration of a portfolio of securities or the funds of the clients, as the case may be” Therefore, it prima-facie appears that Shri Anirudh Sethi acted as a “Portfolio Manager” without obtaining registration from SEBI to act as a “Portfolio Manager” as required under Section 12 of SEBI Act, 1992 and Regulation 3 of the SEBI (Portfolio Managers) Regulations, 1993. The relevant provisions of the said Section and Regulations are reproduced below:
Page 4 of 10 Sr No Date of Recomme ndation (Media) Scrip Contents of Advertisement (Company specific news indicated in italics and in bold letters) Details of verification with company/announcement by the company 1 9-Oct-06
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Source: SecMarx — sebi:WTM/GA/124/ISD/01/07. 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.