sebi:WTM/MPB/IMD-DoF-1/WRO-ILO/126/2020
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Facts / Headnote
Ex-parte interim order directing noticees to cease and desist from acting as investment advisers, refrain from diverting funds or disposing of assets, withdraw all advertisements/websites, refrain from accessing the securities market, and freezing specified bank accounts; further directing SEBI to ascertain quantum of fees collected and issue additional SCN regarding refund.
Provisions invoked
- s. 11
- s. 19
- s. 12(1)
- s. 12A
Regulations
- Reg. 3
- Reg. 2(1)(c)
- Reg. 2
- Reg. 3(1)
- Reg. 2(m)
- Reg. 2(l)
Parties
- Money Increase (Proprietor: Mr. Ashish Chourasiya)
- Venture Revenue (Proprietor: Mr. Ashish Chourasiya)
- Ms. Shinal Jain
Holding
The noticees — Money Increase and Venture Revenue (both proprietorships of Mr. Ashish Chourasiya) and Ms. Shinal Jain — were prima facie found to be 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 to have engaged in fraudulent practices in violation of Section 12A(a), (b), (c) of the SEBI Act and Regulations 3(a)-(d) of the PFUTP Regulations. Ex-parte interim directions were issued restraining them from continuing advisory activity, diverting funds, disposing of assets, and accessing the securities market.
Full text
__________________________________________________________________________________________________________________ Interim Order in the matter of Money Increase and Venture Revenue Page 2 of 35 (PAN: APAPC1516N). Further, one of the complainants Mr. Ritesh Kumar in his complaint alleges that he had made payment to Money Increase in the bank account of Ms. Shinal Jain. Upon perusal of Bank account statement of Money Increase and Ms. Shinal Jain, it is observed that there are funds movements between Ms. Shinal Jain and Money Increase. Thus, the examination entailed, inter alia, an analysis of the details available on the website of Money Increase and Venture Revenue, complaints filed by the complainants against Money Increase, KYC documents of Money Increase, Venture Revenue, Mr. Ashish Chourasiya and Ms. Shinal Jain; and bank account details of Money Increase, Venture Revenue, Mr. Ashish Chourasiya and Ms. Shinal Jain. The prima facie findings based on the examination are noted in the subsequent paragraphs.
__________________________________________________________________________________________________________________ Interim Order in the matter of Money Increase and Venture Revenue Page 3 of 35
__________________________________________________________________________________________________________________ Interim Order in the matter of Money Increase and Venture Revenue Page 4 of 35 5.7. Various packages such as stock cash, stock future, option, nifty future, nifty option, HNI services etc. are being offered for subscription at specified rates and for specific products. One such illustration is given below.
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Source: SecMarx — sebi:WTM/MPB/IMD-DoF-1/WRO-ILO/126/2020. 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.