sebi:WTM/GM/IMD/15/JUNE/2017
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Ex-parte ad-interim directions to cease and desist from acting as investment adviser/research analyst, not to divert funds, to withdraw advertisements/websites, with order to be treated as show cause notice for prohibition and refund.
Provisions invoked
- s. 11
- s. 19
- s. 12(1)
Regulations
- Reg. 3
- Reg. 2(m)
- Reg. 3(1)
- Reg. 2(u)
Parties
- M/s. Cypress Money Investment Advisor
- Mr. Anubhav Kandpal
- Ms. Saumya Kala
- Ms. Suman Kala
Holding
SEBI prima facie found Cypress Money and its three partners were providing investment advisory and research analyst services without registration and issued ex-parte ad-interim directions restraining them from such activities and treating the order as a show cause notice.
Full text
Page 2 of 10 i. Package/services offered by Cypress Money to its clients; ii. Number of clients from whom fee was collected during the year; iii. Total amount of money collected from the aforesaid clients as fees during the year; f) List of clients and fee charged for various products/services offered by Cypress Money; g) Is Cypress Money registered with SEBI or any other regulators in India? If yes details; h) A copy of the audited annual accounts for previous financial years; i) A copy of accounts statements of all its bank accounts for the last three financial years; However, the letter returned undelivered to SEBI.
Page 3 of 10 d. Bank account statement of Cypress Money for the period from January 01, 2016 to August 31, 2016; e. Partnership deed of Cypress Money; f. IT return and bank account statements of the partners of Cypress Money; g. Copy of audited annual accounts of Cypress Money;
Page 4 of 10 iii. It is mentioned on the website that “CypressMoney is India’s best stock advisory firm backed by Professional research team of Chartered Market Technicians (CMT). We provide Investment advice in Indian equities & derivatives to Individual investors, HNIs, brokers, corporate players. We perform research on stocks from short term, midterm to long term investment horizon. We are here to help our prestigious clients to maximize their returns from trading and investing in Indian stock market by offering outstanding research and advice….. CypressMoney is one of the few organizations providing research and information on Indian Equity Market mainly based on Technical and Fundamental Analysis and enjoys a strong reputation amongst investors, brokers and researchers. Our team is highly skilled with experienced analysis. Our efforts are to provide you more & more profit in every trade.” iv. The entity is in the business of investment advisory/research analyst since October 25, 2015 as per their own submission. They have mentioned a pricing schedule for their services with its monthly, quarterly and yearly rates for equity market, futures market, options market and commodity market packages which has been summarized as under:-
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Source: SecMarx — sebi:WTM/GM/IMD/15/JUNE/2017. 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.