sebi:WTM/MPB/EFD-1-DRA-4/110/2020
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Facts / Headnote
Prohibit Aryaman Financial Services Limited, Merchant Banker, SEBI Registration No. INM000011344 from taking up any new assignment and not to take up any new clients for a period of three months
Provisions invoked
- s. 19
- s. 12A
- s. 12
- s. 12(3)
Regulations
- Reg. 3
- Reg. 13
- Reg. 4
- Reg. 28(2)
- Reg. 8(2)
- Reg. 199
- Reg. 8
- Reg. 5
- Reg. 6
- Reg. 24
- Reg. 28(1)
- Reg. 64(1)
- Reg. 27
- Reg. 8(2)(b)
- Reg. 30(3)
- Reg. 64
- Reg. 28
- Reg. 15
Parties
- Aryaman Financial Services Limited
Holding
Aryaman Financial Services Limited failed to carry out proper due diligence and aided and abetted Midvalley Entertainment Ltd in siphoning IPO proceeds, violating merchant banker conduct and disclosure norms and PFUTP provisions, and was prohibited from taking new assignments/clients for three months.
Full text
Order in the matter of Aryaman Financial Services Limited Page 2 of 48 make a well informed investment decision; iii. AFSL was connected to certain entities which acted as conduits to the siphoning of funds from the IPO proceeds and thus aided and abetted MEL in siphoning off of the IPO proceeds.
Order in the matter of Aryaman Financial Services Limited Page 3 of 48 if they would like to avail an opportunity of personal hearing before SEBI. A copy of the Report of DA was also forwarded to the Noticee along with the said SCN.
Order in the matter of Aryaman Financial Services Limited Page 4 of 48 iii. In those days i.e. in the year 2010-11, the concept of Director identification Number ("DIN") was relatively new and MCA was guiding how to register & obtain DIN. The MCA portal did not have a feature whereby one can independently re verify the "other directorships " of a particular director.
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Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-4/110/2020. 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.