sebi:WTM/KMA/NRO/IVD/306/10/2010
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Interim order restraining Credent Portfolio Management Private Limited and its directors from accessing the securities market, mobilizing funds from the public, offering portfolio management services, and directing them to resolve all pending complaints.
Provisions invoked
- s. 12(1)
- s. 12A
Regulations
- Reg. 3
- Reg. 3(a)
Parties
- Credent Portfolio Management Private Limited
- Mr. Amaranjay Kumar
- Mr. Mritunjay Kumar
Holding
SEBI prima facie found that Credent Portfolio Management Private Limited and its directors, Mr. Amaranjay Kumar and Mr. Mritunjay Kumar, were offering portfolio management services and soliciting public funds without SEBI registration, and restrained them from accessing the securities market pending investigation.
Full text
Page 2 of 12 transferred shares from the demat account (no. 10027267) of the complainant maintained with Vivek Financial Focus Limited, to his demat accounts maintained with CFS Financial Services Private Limited and Globe Capital Market Limited. The copies of relevant bank statements and the demat account statements furnished by the complainant were also perused by SEBI and the following were observed from the said statements.
Page 3 of 12 3. From the copy of the statement dated July 28, 2009 issued by Credent, as furnished by the complainant, shares acquired for `8,02,500/- (from February to July, 2007) were later on sold for `13,74,850 (in April 2008). It was mentioned in the said statement that there was a profit of `5,72,350/- on the said transactions. It was stated that, 400 shares of DLF Limited and 200 shares of Tata Consultancy Services Limited (worth `1,79,800/- as per the complainant) were missing from the demat account of the complainant. As per the statement dated July 10, 2009 (statement provided by Mr. Amaranjay Kumar/Credent giving information about the latest value of shares purchased for the complainant), Credent had shares worth `16,33,800/- of the complainant. It was contended that a cheque of ` 2.50 lakhs dated October 20, 2009 issued by Credent towards partial payment of sale of shares had bounced. Though, the said cheque was re-deposited on January 7, 2010, as per the request of Mr. Amaranjay Kumar, it was dishonoured again. It was alleged that he had told Mr. Amaranjay Kumar to sell his shares and to send him a final statement, which has not been complied with. It is the grievance of the complainant that Mr. Amarnjay Kumar/Credent had misappropriated his funds and fraudulently transferred his shares from his demat account into his own account for personal gains. In view of the above, SEBI conducted a
Page 4 of 12 (a) No. 10045049 (mentioned in Table II at paragraph 2) maintained with CFS Financial Services Private Limited, and (b) No. 10175802 (mentioned in Table III at paragraph 2) with Globe Capital Market Limited.
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Source: SecMarx — sebi:WTM/KMA/NRO/IVD/306/10/2010. 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.