sebi:WTM/MB/WRO/WRO/10918/2020-21
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Facts / Headnote
Interim ex-parte directions issued restraining Noticees from acting as investment adviser, diverting funds, dealing in securities, and freezing bank/demat accounts; order also issued as show cause notice
Provisions invoked
- s. 11
- s. 19
- s. 12(1)
- s. 12A
Regulations
- Reg. 3
- Reg. 2(1)(c)
- Reg. 4(1)
- Reg. 3(1)
- Reg. 2(m)
- Reg. 2(l)
Parties
- M/s Profit Money Advisor
- Shri. Prateek Singh
Holding
PMA prima facie held itself out and acted as an unregistered investment adviser in violation of Section 12(1) of the SEBI Act read with Regulation 3(1) of the IA Regulations, and its claims of assured monthly returns of 30% to 200% were prima facie fraudulent in violation of Sections 12A(a),(b),(c) of the SEBI Act and Regulations 3(a)-(d) and 4(1), 4(2)(k) of the PFUTP Regulations. Interim ex-parte directions were issued restraining the Noticees from continuing advisory activity, diverting funds, and dealing in securities.
Full text
__________________________________________________________________________________________________________________ Interim Order in the matter of M/s Profit Money Advisor Page 1 of 22 WTM/MB/WRO/WRO/10918/2020-21
__________________________________________________________________________________________________________________ Interim Order in the matter of M/s Profit Money Advisor Page 2 of 22 inter alia alleged that PMA is an unregistered investment advisory firm; giving investment tips to people and is not registered with SEBI. The website of the entity contains various packages of different time period against fixed return. Thereafter, the matter was taken up for preliminary examination by SEBI.
__________________________________________________________________________________________________________________ Interim Order in the matter of M/s Profit Money Advisor Page 3 of 22
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Source: SecMarx — sebi:WTM/MB/WRO/WRO/10918/2020-21. 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.