sebi:WTM/GM/ISD/13/FEB/2017
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Facts / Headnote
Representation dated January 17, 2017 and e-mail dated February 3, 2017 found to have no merit and disposed of with requests denied
Parties
- Ms. Rohini Vijaysingh Patwardhan
Holding
The noticee's requests for complete unconditional access to investments in excess of Rs. 2 crores, a new unrestricted demat account, holding/redeeming MFs in physical form, and removal of stock exchange supervision, custodian involvement and escrow requirements were rejected.
Full text
Page 2 of 9 not go beyond Rs. 2.00 crores in any case in having her executed trades in the scrip of Mishka. In view of this, the Appellant submits that the Respondent erroneously attached her assets and those of her paralysed husband’s assets worth more than Rs. 7 crores. It is therefore, prayed that the Appellant’s investment attached in excess of Rs. 2 crores, in any event, ought to be released by the Respondent. We see some force in this submission and accordingly, direct that, if so advised, the Appellant may make a representation before SEBI to that effect, which shall be considered by SEBI within four weeks of the filing of the representation and appropriate order shall be passed in accordance with law in this regard.”
Page 3 of 9 letter is reproduced here: “ 1 ……………………………. 2 … Competent Authority has permitted you to sell/redeem those mutual fund units, which are shown in Mr. VijaySingh Patwardhan's name while filing the Income Tax Return for the Financial Year 2013-14 and in the CA certified balance sheet of Mr. VijaySingh Patwardhan as on March 31, 2015, and in which you are appearing as second holder and Mr. VijaySingh Patwardhan is appearing as first holder. The concerned Mutual Fund Houses may be contacted in this regard.
Page 4 of 9 * The amount will include the value of portfolio in the demat account. Explanation 1 - For the purposes of determining the portfolio value of the entities except Ms. Rohini Vijaysingh Patwardhan and Vimal Banawarilal Jain, the value of portfolio of securities lying in the demat account/s (individual and joint both) on the date of the interim order after excluding the value of shares that have been suspended from trading as on the date of the communication shall be
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Source: SecMarx — sebi:WTM/GM/ISD/13/FEB/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.