sebi:WTM/KMA/ERO/IVD/70/05/2009
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Facts / Headnote
Interim order dated February 20, 2007 partially vacated; restraint on dealing in securities lifted; prohibition on accepting money under MIS retained; proceedings disposed of.
Provisions invoked
- s. 19
- s. 12(1)
Regulations
- Reg. 3
- Reg. 15(1)(b)
- Reg. 21(1)
Parties
- Mr. Atin Das
- Mrs. Bani Das
- Mr. Sudhir Ranjan Das
- Mrs. Biva Rani Das
Holding
SEBI vacated the restraint on Mr. Atin Das and his family members from buying, selling or dealing in the securities market, while retaining the prohibition on accepting money from investors under the Monthly Income Scheme, and directed Mr. Atin Das to satisfy any future rightful claims from MIS investors.
Full text
Page 2 of 5 assured high returns and incentives, SEBI vide an order dated February 20, 2007, under Sections 11, 11B and 11D of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as SEBI Act), pending enquiry, directed Mr. Atin Das, Mrs. Bina Das, Mr. Sudhir Ranjan Das and Mrs. Biva Rani Das to cease and desist from accepting money from investors under the MIS. They were also restrained from buying, selling or dealing in securities market in any manner, directly or indirectly with immediate effect until further orders. Mr. Atin Das was further directed to refund all the moneys collected from investors under the MIS within a period of one month from the date of the said order.
Page 3 of 5 3. On completion of the aforesaid enquiry, SEBI vide an order dated November 04, 2008 found that Mr. Atin Das (sub-broker) was offering portfolio management services without any certificate of registration from SEBI and had thus violated the provisions of Section 12(1) of the SEBI Act read with Rule 3 of the Portfolio Managers Rules (now rescinded) and Regulation 3 of Portfolio Managers Regulations. It was found that Mr. Atin Das acted as a sub broker without obtaining a certificate of registration and thus had violated Section 12(1) of the SEBI Act read with Rule 3 of the Stock Brokers Rules (now rescinded). It was further found that the sub broker had failed to submit the relevant documents to the inspecting authority, thus contravening the provisions of Regulation 21(1) and Regulation 15(1)(b) read with Clause D(2) of the Code of Conduct as specified in Schedule II of the Stock Broker Regulations. After finding Mr. Atin Das guilty of the charges leveled against him, the enquiry proceeding initiated against him was disposed of by SEBI, vide order dated November 04, 2008.
Page 4 of 5 affidavit are true and he would be responsible for any mis-statement which was given in the said affidavit. 5. I note that Mr Atin Das and his family members were restrained from buying, selling or dealing in securities market in any manner directly or indirectly, with immediate effect until further orders by SEBI, vide an interim
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Source: SecMarx — sebi:WTM/KMA/ERO/IVD/70/05/2009. 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.