sebi:WTM/MPB/IMD/ILO/100/2020
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Facts / Headnote
Noticees to cease and desist from acting as investment advisers and from securities market activity, withdraw advertisements/websites, not divert funds or alienate assets, provide asset inventory within 5 working days; banks not to allow debits/withdrawals or credits without SEBI permission; securities including mutual fund units not to be transferred or redeemed; order effective immediately.
Provisions invoked
- s. 19
- s. 12(1)
- s. 12A
Regulations
- Reg. 3
- Reg. 2(1)(c)
- Reg. 3(1)
- Reg. 2(m)
- Reg. 2(l)
Holding
SEBI prima facie found the Noticees were acting and holding themselves out as investment advisers without registration and issued interim ex-parte directions restraining them, freezing debits and credits in their bank accounts and preventing alienation of assets until further orders.
Full text
Order in respect of unregistered investment advisers Page 2 of 31 14 Algo Solution – Piyush Porwal BMBPP0245A 15 Smart Investment Services / Care Investment Services Pvt. Ltd. – Rinkee Prajapati CIFPP0285H (The entities named in the table above are hereinafter collectively referred to as “the Noticees” and individually by their respective names)
Order in respect of unregistered investment advisers Page 3 of 31 screenshots of trade details carried out in her De-mat account and bank account details of Investmart.
Order in respect of unregistered investment advisers Page 4 of 31 SEBI Registered Investment Adviser). Initially the complainant declined to subscribe to the services but due to continuous follow-ups, the complainant paid Rs. 17,000 to the entity named Profit Redefine Financial Solution as told by the representative. The complainant has also mentioned that during discussion, Sandeep told that he was not an NSE Employee but part of Profit Redefine.
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Source: SecMarx — sebi:WTM/MPB/IMD/ILO/100/2020. 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.