sebi:WTM/MPB/IMD-DoF-1/WRO-PLO/79/2019
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Facts / Headnote
By way of interim ex-parte directions under Sections 11(1), 11(4), 11B and 11D read with Section 19 of SEBI Act and Regulation 35 of SEBI (Intermediaries) Regulations, 2008, Samrat Trades and its proprietor Mr. Altamash Sheikh were directed to cease and desist from acting as investment adviser and from accessing/dealing in securities market, not to divert investor funds, to withdraw all investment advisory advertisements/websites/communications, with banks (Axis Bank and State Bank of India) directed to freeze debits/credits without SEBI permission, and employees/persons acting under them directed to cease investment advisory activity, until further orders.
Provisions invoked
- s. 11
- s. 19
- s. 12(1)
- s. 25
Regulations
- Reg. 3
- Reg. 15
- Reg. 3(1)
- Reg. 2(m)
- Reg. 39
- Reg. 4(2)(k)
- Reg. 15(9)
- Reg. 13(b)
- Reg. 35
- Reg. 2(l)
Parties
- Samrat Trades
- Mr. Altamash Sheikh, Proprietor, Samrat Trades
Holding
On prima facie findings, SEBI issued interim ex-parte directions restraining Samrat Trades and its proprietor Mr. Altamash Sheikh from investment advisory and securities market activity and freezing bank accounts, pending enquiry and final order.
Full text
__________________________________________________________________________________________________________________ Interim Order in the matter of Samrat Trades – Altamash Sheikh Page 2 of 23 unregistered investment advisory activities. The partners of Proficient Research are Mr. Altamash Sheikh, Mr. Mohd Sohail Khan and Ms. Vidhi Singh Parihar.
__________________________________________________________________________________________________________________ Interim Order in the matter of Samrat Trades – Altamash Sheikh Page 3 of 23 2) If answer to issue no. 1 is in affirmative, whether Samrat Trades, Proprietor Mr. Altamash Sheikh had submitted wrong information to SEBI while obtaining the certificate of registration under IA Regulations? 3) Whether Samrat Trades, Proprietor Mr. Altamash Sheikh has prima facie violated the provisions of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”) and IA Regulations? 4) If answer to issue no. 2 and 3 is in affirmative, whether urgent directions, if any should be issued against Samrat Trades and its Proprietor Mr. Altamash Sheikh?
__________________________________________________________________________________________________________________ Interim Order in the matter of Samrat Trades – Altamash Sheikh Page 4 of 23 8.4. Various packages were being offered for subscription at specified rates and for specific products and the fee ranges from Rs.5,500/- per month to Rs.6,30,000/- per year. 8.5. The payment to subscribe to the services could be made directly to the bank accounts opened in the name of Proficient Research with ICICI Bank (A/c No. 144105500445 and 144105500470) and Axis Bank (A/c No. 914020041205134), the details of which were mentioned on their website and alternatively through PayU money
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Source: SecMarx — sebi:WTM/MPB/IMD-DoF-1/WRO-PLO/79/2019. 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.