sebi:WTM/MPB/IMD/WRO/190/2021
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Facts / Headnote
Interim order dated January 25, 2021 confirmed against BRIA and its directors; prayers for de-freezing bank and demat accounts rejected.
Provisions invoked
- s. 19
- s. 27
Regulations
- Reg. 16(b)
- Reg. 15(9)
- Reg. 17(a)
- Reg. 16(a)
- Reg. 17(e)
Parties
- Bull Research Investment Advisors Private Limited
- Ashif Shaikh
- Vinit Satpute
- Sandeep Kushwaha
Holding
The directions issued in the ex-parte ad interim order dated January 25, 2021 against Bull Research Investment Advisors Private Limited and its directors are confirmed, as the Noticees are prima facie in contravention of the SEBI Act, IA Regulations and PFUTP Regulations.
Full text
Order in the matter of Bull Research Investment Advisors Private Limited Page 2 of 20 (hereinafter referred to as ‘IA Regulations’) with effect from April 2, 2018, having SEBI Registration No. INA000010210. Its registered office is at 209, Karamchari Colony, Dewas, Madhya Pradesh,
Order in the matter of Bull Research Investment Advisors Private Limited Page 3 of 20 2.5. The above actions, prima facie, are the devices adopted by the BRIA to defraud its clients in connection with their dealings in securities. Hence, BRIA is prima facie found to be running a scheme and defrauding its clients, with an intention to maximize its income through advisory fees by employing above said devices, without caring for client’s needs and keeping its own interest ahead of its client’s interest.
Order in the matter of Bull Research Investment Advisors Private Limited Page 4 of 20 5.1.1. not to access the securities market and buy, sell or otherwise deal in securities in any manner whatsoever, directly or indirectly; 5.1.2. cease and desist from acting as an investment advisor including the activity of acting and representing through any media (physical or digital) as an investment advisor, directly or indirectly, and cease to solicit or undertake such activity or any other activities in the securities market, directly or indirectly, in any matter whatsoever; 5.1.3. not to divert any funds collected from investors, kept in bank account(s) and/or in their custody; 5.1.4. not to dispose of or alienate any assets, whether movable or immovable, or any interest or investment or charge on any of such assets, held in its name, including money lying in bank accounts except with the prior permission of SEBI. 5.1.5. immediately withdraw and remove all advertisements, representations, literatures, brochures, materials, publications, documents, websites, communications etc. in relation to their investment advisory activity in the securities market. 5.1.6. provide a full inventory of all assets held in its name, whether movable or immovable, or any interest or investment or charge on any of such assets, including details of all bank accounts, demat accounts and mutual fund investments, immediately but not later than 5 working days from the date of receipt of this order. 5.1.7. rem
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Source: SecMarx — sebi:WTM/MPB/IMD/WRO/190/2021. 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.