sebi:WTM/MB/WRO/WRO/5737/2019-20
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Facts / Headnote
Ad interim ex-parte order restraining the Noticee from undertaking investment advisory services and restraining Mr. Rakesh Sethi from dealing in the securities market, pending detailed examination.
Provisions invoked
- s. 11
- s. 19
- s. 12(1)
- s. 12A
- s. 12
Regulations
- Reg. 3
- Reg. 2(1)(c)
- Reg. 15
- Reg. 15(9)
- Reg. 35
Parties
- 3M Team Securities Services Pvt. Ltd.
- Mr. Rakesh Sethi
Holding
The Noticee prima facie contravened Section 12(1) of the SEBI Act, 1992 read with Regulation 3 of the PMS Regulations by offering unregistered portfolio management services, and both the Noticee and Mr. Rakesh Sethi prima facie contravened Section 12A(a), (b) and (c) of the SEBI Act, 1992 and Regulations 3(a)-(d) and 4(1) and 4(2)(k) of the PFUTP Regulations by offering unrealistic/assured returns and engaging in fraudulent practices. The Noticee was restrained from undertaking investment advisory activities and Mr. Rakesh Sethi was restrained from dealing in the securities market, pending further examination.
Full text
__________________________________________________________________________________________________________________ Interim Order in the matter of 3M Team Securities Services Pvt. Ltd. Page 2 of 13
__________________________________________________________________________________________________________________ Interim Order in the matter of 3M Team Securities Services Pvt. Ltd. Page 3 of 13
__________________________________________________________________________________________________________________ Interim Order in the matter of 3M Team Securities Services Pvt. Ltd. Page 4 of 13
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Source: SecMarx — sebi:WTM/MB/WRO/WRO/5737/2019-20. 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.