sebi:WTM/MPB/IMD-DoF-1/WRO/123/2020
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Facts / Headnote
Interim ex-parte directions issued restraining the noticees from acting as investment advisers, freezing bank accounts, and directing depositories, RTAs, and banks to enforce the order; order also treated as a Show Cause Notice.
Provisions invoked
- s. 11
- s. 19
- s. 12(1)
- s. 12A
- s. 25
Regulations
- Reg. 3
- Reg. 2(1)(c)
- Reg. 4(1)
- Reg. 3(1)
- Reg. 18
- Reg. 2(m)
- Reg. 2(l)
Parties
- Prowise Capital (Partners: Arun Jatav, Vaibhav Patil, Swati Purwar & Yogendra Gangrade)
- Prowise Consultancy (Prop: Yogendra Gangrade)
Holding
Prowise Capital and Prowise Consultancy were prima facie found to be holding themselves out and acting as unregistered investment advisers in violation of Section 12(1) of the SEBI Act read with Regulation 3(1) of the IA Regulations, and their conduct of claiming 'expected returns' was prima facie found to be fraudulent in violation of Section 12A(a),(b),(c) of the SEBI Act and Regulations 3 and 4 of the PFUTP Regulations. Interim ex-parte directions were issued restraining their activities and freezing their bank accounts pending investigation.
Full text
__________________________________________________________________________________________________________________ Interim Order in the matter of Prowise Capital and Prowise Consultancy Page 2 of 23
__________________________________________________________________________________________________________________ Interim Order in the matter of Prowise Capital and Prowise Consultancy Page 3 of 23
__________________________________________________________________________________________________________________ Interim Order in the matter of Prowise Capital and Prowise Consultancy Page 4 of 23
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Source: SecMarx — sebi:WTM/MPB/IMD-DoF-1/WRO/123/2020. 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.