sebi:WTM/MPB/IMD-DoF-1/WRO-PLO/86/2019
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Facts / Headnote
Interim directions issued restraining RAPL and its directors from acting as investment advisers, accessing the securities market, diverting funds, and disposing of assets pending enquiry; reply and personal hearing opportunity granted within 21 days.
Provisions invoked
- s. 11
- s. 19
- s. 12A
- s. 179
Regulations
- Reg. 3
- Reg. 2(1)(c)
- Reg. 16
- Reg. 17
- Reg. 15
- Reg. 15(1)
- Reg. 2(m)
- Reg. 15(9)
- Reg. 16(b)
- Reg. 35
- Reg. 2(l)
Parties
- Ripples Advisory Private Limited
- Mr. Nilesh Shukla
- Mr. Hemant Solapurkar
- Mr. Sanjiv Kumar
- Ms. Rakhi Rajput
- Mr. Hameed Khan
- Ms. Anamika Pandey
- Mr. Amit Jaiswal
- Balvinder Dhillon Kaur
Holding
SEBI prima facie found that Ripples Advisory Private Limited violated the PFUTP Regulations and IA Regulations by promising assured returns, charging unreasonable fees, failing to conduct proper risk profiling, and acting contrary to fiduciary duties. Interim directions were issued restraining RAPL and its directors from acting as investment advisers or dealing in securities pending enquiry.
Full text
__________________________________________________________________________________________________________________ Interim Order in the matter of Ripples Advisory Private Limited Page 2 of 35 (Investment Advisers) Regulations, 2013 (hereinafter referred to as the “IA Regulations”) with effect from June 09, 2015 under SEBI Registration No. INA000003049. RAPL is a corporate body and the Corporate Identification Number (CIN) of RAPL is U74140MP1989PTC005282. The registered office of RAPL is at 267-B, Sangam Nagar, Indore, Madhya Pradesh - 452006. Its website address is www.ripplesadvisory.com.
__________________________________________________________________________________________________________________ Interim Order in the matter of Ripples Advisory Private Limited Page 3 of 35
__________________________________________________________________________________________________________________ Interim Order in the matter of Ripples Advisory Private Limited Page 4 of 35 Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”) and IA Regulations?
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Source: SecMarx — sebi:WTM/MPB/IMD-DoF-1/WRO-PLO/86/2019. 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.