sebi:WTM/MPB/IMD/SRO/29/2019
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Facts / Headnote
Ad interim ex parte order restraining the Noticees from accessing the securities market, directing them to cease investment advisory activity, withdraw all websites and materials, provide asset inventory within 5 working days, and freezing their bank and demat accounts; order also treated as show cause notice.
Provisions invoked
- s. 19
- s. 12(1)
- s. 12A
Regulations
- Reg. 3
- Reg. 2(1)(c)
- Reg. 3(1)
- Reg. 201
- Reg. 2(m)
- Reg. 2(l)
Parties
- Mr. Rishabh Jain
- Mr. Ubaidur Rahman
- Mr. G. Kadar Hussain
Holding
The Noticees were prima facie providing investment advisory services without registration in violation of Section 12(1) of the SEBI Act read with Regulation 3(1) of the IA Regulations, and prima facie engaged in fraudulent and unfair trade practices in violation of Section 12A(a), (b), (c) of the SEBI Act and Regulations 3(b), (c), (d) and 4(1), 4(2)(k) of the PFUTP Regulations. Ad interim ex parte directions were issued restraining the Noticees from dealing in securities, requiring them to cease advisory activity and withdraw websites, and freezing their bank and demat accounts.
Full text
Order in the matter of unregistered investment advisory through websites Page 2 of 25 certificate issued to one Mr. Abhinav Gulecha. When a question was asked from Mr. Abhinav Gulecha in respect of the websites owned by him, Mr. Gulecha vide email dated January 18, 2018 informed that the only website owned and administered by him for investment advisory activities is www.sohamfp.com. Thus, prima facie, the particulars relating to registration with SEBI appearing on www.trade4target.com were also false.
Order in the matter of unregistered investment advisory through websites Page 3 of 25 (c) www.mcxbhavishya.com (d) www.callput.in (e) www.newsbasedtips.com (f) www.futuresandoption.com (g) www.optiontips.in (h) www.commoditytips.in (i) www.sharetipslive.com (j) www.thepremiumstocks.com
Order in the matter of unregistered investment advisory through websites Page 4 of 25 10. In addition to the above websites, Mr. Ubaidur Rahman was also found to be the beneficiary of www.sureoptiontip.in as per the PayUmoney records.
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Source: SecMarx — sebi:WTM/MPB/IMD/SRO/29/2019. 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.