sebi:WTM/MPB/EFD-1-DRA-IV/55/2019
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Facts / Headnote
Certificate of Registration granted to Mr. Amit Baburao Ahire as an Investment Advisor cancelled forthwith
Provisions invoked
- s. 19
- s. 13
Regulations
- Reg. 13
- Reg. 9
- Reg. 28(2)
- Reg. 13(a)
- Reg. 23
- Reg. 24
- Reg. 13(b)
- Reg. 28(1)
- Reg. 23(a)
Parties
- Amit Baburao Ahire
Holding
The Noticee's certificate of registration as an Investment Adviser was cancelled for knowingly allowing SEBI-prohibited entities (HBJ and its directors) to provide investment advisory services through his sole proprietary concern OSAR Capital using his SEBI registration, and for failing to inform SEBI of the material change in information from individual to proprietary capacity.
Full text
Order in respect of Amit Baburao Ahire Page 2 of 14 4. Consequently, SEBI conducted a preliminary examination of the activities of the Noticee including the website of OSAR Capital and it was prima facie, observed that the SEBI registration number of the Noticee was mentioned on the website of OSAR Capital. Upon enquiry, the Noticee submitted that OSAR Capital is a sole proprietary concern of the Noticee. It has also been observed that in return for money, Noticee allowed HBJ/its directors to use his SEBI registration for carrying out investment advisory services in the name of OSAR Capital. Accordingly, SEBI conducted an inspection of books of accounts, records and documents of HBJ to verify, whether HBJ/its directors has violated the
Order in respect of Amit Baburao Ahire Page 3 of 14 Advisers under Schedule III of IA Regulations. On completion of the proceedings, the DA vide Report dated January 31, 2018 recommended cancellation of the certificate of registration granted to the Noticee.
Order in respect of Amit Baburao Ahire Page 4 of 14 11. I have considered the SCN along with its annexures, the Report submitted by DA and all other relevant material available on record. On perusal of the same, the following issue arise for consideration:
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Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-IV/55/2019. 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.