sebi:WTM/MB/WRO/WRO/13178/2021-22
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Facts / Headnote
Interim Order dated February 09, 2021 confirmed; no justifiable reason to revoke or modify directions
Provisions invoked
- s. 11
- s. 11(4)
- s. 19
Regulations
- Reg. 7
- Reg. 25
- Reg. 15
- Reg. 21
- Reg. 13(a)
- Reg. 15(9)
- Reg. 24(3)
Parties
- Sai Proficient Research Investment Advisory
- Ms. Meeshika Vishwakarma
Holding
The directions issued against Sai Proficient Research Investment Advisory and its proprietor Ms. Meeshika Vishwakarma vide the Interim Order dated February 09, 2021 are confirmed, as the Noticee failed to contradict the prima facie findings of contravention of the SEBI Act, IA Regulations and PFUTP Regulations.
Full text
Order in the matter of Sai Proficient Research Investment Advisory Page 2 of 27 2. SEBI received complaints in SCORES against Sai Proficient. The complainants inter alia alleged that the IA was taking hefty fees from clients by guaranteeing assured returns, huge loss was incurred by clients due to inappropriate advice given by Sai Proficient, pressurizing the clients to buy multiple products and pay more amount, etc. In view of the complaints received, SEBI conducted an examination in relation to the affairs of Sai Proficient. The website of the entity www.saiproficient.com was not active. Hence, the details of the website were taken from the archive pages available on www.archive.org and placed on record.
Order in the matter of Sai Proficient Research Investment Advisory Page 3 of 27 3.1. Sai Proficient had offered expected/sure profits to its clients and violated provisions of SEBI (Investment Advisers) Regulations, 2013 (hereinafter referred to as “IA Regulations”); 3.2. Sai Proficient did not resolve investor grievances as per prescribed timelines and did not cooperate with SEBI for inspection. 3.3. Sai Proficient has also triggered violation of the Code of Conduct for Investment Advisers by virtue of the above activities
Order in the matter of Sai Proficient Research Investment Advisory Page 4 of 27 5.4. Vide email dated March 01, 2021, the Noticee requested for inspection of the relied upon documents and the same was granted on March 08, 2021. During the inspection of the relied upon documents, all the relied upon data and records were provided to the authorised representative.
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Source: SecMarx — sebi:WTM/MB/WRO/WRO/13178/2021-22. 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.