sebi:WTM/GM/WRO/WRO/13952/2021-22
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Facts / Headnote
Noticee No.1 (Suneel Kumar Patel) held liable for unregistered investment advisory activity; cease-and-desist, 4-year securities market and director/KMP bar, and 3-month client refund with reporting directed; proceedings against Noticee No.2 (Duiji Patel) abated due to death and interim directions revoked.
Provisions invoked
- s. 12(1)
- s. 12
- s. 30
Regulations
- Reg. 2
- Reg. 3(1)
- Reg. 2(m)
- Reg. 2(l)
Parties
- Suneel Kumar Patel
- Duiji Patel
Holding
Suneel Kumar Patel violated Section 12(1) of the SEBI Act read with Regulation 3(1) of the IA Regulations by acting as an unregistered Investment Adviser through Goodwill Research and was directed to cease and desist, remain restrained from the securities market for 4 years, and refund fees within three months. Proceedings against Duiji Patel abated as she expired on October 28, 2020 prior to the Interim Order.
Full text
Final Order in the Matter of Goodwill Research Page 1 of 14 WTM/GM/WRO/WRO/13952/2021-22 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA FINAL ORDER
Final Order in the Matter of Goodwill Research Page 2 of 14 i. ICICI Bank Account Number 004101575680 in the name of Suneel Kumar Patel (Noticee No.1); and ii. State Bank of India Account Number 34949510591in the name of Duiji Patel (Noticee No.2). 1.3. It was observed from the contents of the website of Goodwill that Suneel Kumar Patel and Duiji Patel were holding themselves out as “Investment Advisers” by offering to provide investment advice as defined under Regulation 2(l) of the IA Regulations related to investing in, purchasing and selling of securities. The website also offered various investment packages for subscription. Thus, prima facie, Suneel Kumar Patel and Duiji Patel were found to be acting as “Investment Advisers” as defined under regulation 2 (m) of IA Regulations. However, neither Suneel Kumar Patel nor Duiji Patel were registered with SEBI. Summary of Interim Order 2.1. Pursuant to the findings of the examination by SEBI, an ex-parte ad interim order dated December 16, 2020 (“Interim Order”) was passed in respect of the Noticees. In this regard, the Interim Order prima facie found that— i. Suneel Kumar Patel and Duiji Patel held themselves out as “Investment Advisers” for consideration. Suneel Kumar Patel and Duiji Patel were carrying out unregistered Investment Advisory services in the name of Goodwill Research. ii. The activities/ representations, without holding the certificate of registration, as investment adviser were, prima facie, in violation of Se
Final Order in the Matter of Goodwill Research Page 3 of 14 the name of Goodwill Research. Considering the above facts and findings, the following
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Source: SecMarx — sebi:WTM/GM/WRO/WRO/13952/2021-22. 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.