sebi:WTM/MPB/IMD/SRO/143/2020
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Interim ex-parte directions issued against Profitsaim and its proprietor to cease and desist unregistered investment advisory activity, freeze bank/demat debits and asset alienation, withdraw advertisements and file asset inventory; order to be treated as show cause notice with conditional final refund and debarment directions.
Provisions invoked
- s. 11
- s. 19
- s. 12(1)
- s. 28A
Regulations
- Reg. 3(1)
- Reg. 2(m)
- Reg. 2(l)
Parties
- Profitsaim
- Mr. Syed Ayaz
Holding
Profitsaim and its proprietor Mr. Syed Ayaz were prima facie held to be holding themselves out and acting as an investment adviser without SEBI registration, in violation of Section 12(1) of the SEBI Act read with Regulation 3(1) of the IA Regulations, and interim preventive directions including cease and desist, asset/bank/demat freeze and show-cause were issued pending enquiry.
Full text
__________________________________________________________________________________________________________________ Interim Order in the matter of Profitsaim and its Proprietor Mr. Syed Ayaz Page 2 of 18 for the period beginning from the date of account opening to till date/date of closure and copy of AOF/ KYC documents submitted at the time of account opening. From the reply received from Razorpay and DBS Bank, the following details are obtained:
__________________________________________________________________________________________________________________ Interim Order in the matter of Profitsaim and its Proprietor Mr. Syed Ayaz Page 3 of 18
__________________________________________________________________________________________________________________ Interim Order in the matter of Profitsaim and its Proprietor Mr. Syed Ayaz Page 4 of 18 Issue No. 1: Whether Profitsaim is holding itself out and/or acting as investment adviser?
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/MPB/IMD/SRO/143/2020. 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.