sebi:WTM/GM/EFD/85/2017-18
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Facts / Headnote
Noticee restrained from accessing/dealing in securities market, associating with listed/public-raising companies or registered intermediaries, and mobilizing funds/offering portfolio management services, each for a period of 7 years with immediate effect.
Provisions invoked
- s. 12(1)
- s. 12A
- s. 11C
Regulations
- Reg. 3
- Reg. 2
- Reg. 3(a)
Parties
- Manish Harish Thakkar also known as Manish Palan
Holding
SEBI held that Manish Harish Thakkar acted as a portfolio manager without registration and operated fraudulent schemes, and directed that he shall not access the securities market, associate with listed companies or registered intermediaries, or offer portfolio management services for a period of 7 years.
Full text
Order in the matter of KE Consulting Group Page 2 of 11 3. Pursuant to the investigation initiated in the matter, summons dated August 08, 2013 and October 07, 2013 were issued seeking information and records from Manish Thakkar. However the documents sought were not provided thereby hampering the investigation with respect to the extent and nature of services provided to the clients.
Order in the matter of KE Consulting Group Page 3 of 11 6. Facts available on record are summarised in the following paragraphs.
Order in the matter of KE Consulting Group Page 4 of 11 Appointment Letter and Confirmation letter 10. It is also noticed that KEC has taken letter of appointment from its clients on KEC's letter head, appointing KEC as their portfolio consultant and executor of trading account with Religare Securities Ltd. (stock broker). The terms referred in the letter are as under- "1. PMS consultant shall manage my/our portfolio as < as scheme availed by the client>
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Source: SecMarx — sebi:WTM/GM/EFD/85/2017-18. 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.