sebi:WTM/MPB/IMD-DoF-1/WRO-PLO/125/2020
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Facts / Headnote
Interim ex-parte directions issued against MSS and its proprietor restraining unregistered portfolio management activity, freezing bank accounts and assets, and directing show cause as to why further directions including refund should not be issued.
Provisions invoked
- s. 11
- s. 19
- s. 12(1)
- s. 12A
Regulations
- Reg. 3
- Reg. 2(1)(c)
- Reg. 2
- Reg. 4(2)(k)
Parties
- MSS Trading System Centre
- Shri Valerian Louis Mendanha
Holding
MSS Trading System Centre and its proprietor Shri Valerian Louis Mendanha prima facie acted as an unregistered portfolio manager, promised assured returns in contravention of PFUTP Regulations, and as an Authorized Person of R.K. Global charged fees from clients in violation of SEBI circular MIRSD/DR-1/Cir-16/09. Interim ex-parte directions were issued restraining further activity, freezing bank accounts and assets, and requiring an inventory of assets.
Full text
__________________________________________________________________________________________________________________ Interim Order in the matter of MSS Trading System Centre and its Proprietor Shri Valerian Louis Mendanha Page 2 of 21
__________________________________________________________________________________________________________________ Interim Order in the matter of MSS Trading System Centre and its Proprietor Shri Valerian Louis Mendanha Page 3 of 21 ISSUE No. 1: Whether MSS, proprietor Mr. Valerian Louis Mendanha is acting as portfolio manager without obtaining certificate of registration and is carrying on unregistered portfolio management activities, and thereby has prima facie, violated the provisions of PM Regulations and provisions of SEBI Act?
__________________________________________________________________________________________________________________ Interim Order in the matter of MSS Trading System Centre and its Proprietor Shri Valerian Louis Mendanha Page 4 of 21 4.2.2. Thus, from the above terms of the agreement, it is prima facie observed that clients have to maintain funds in their trading account and MSS would execute intraday trades on behalf of its clients.
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Source: SecMarx — sebi:WTM/MPB/IMD-DoF-1/WRO-PLO/125/2020. 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.