sebi:WTM/MPB/IMD-DoF-3/WRO/176/2021
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Interim ex parte cease-and-desist with freeze on bank/demat debits and credits and show-cause: noticees directed to cease sponsoring/carrying on unregistered mutual fund activity and holding out/acting as investment advisers, permitted only to square off existing exchange-traded derivative positions, and show caused within 21 days why final directions under SEBI Act should not issue.
Provisions invoked
- s. 11A
- s. 11
- s. 19
- s. 12(1)
- s. 12A
- s. 12
- s. 27
- s. 25
- s. 27(1)
Regulations
- Reg. 3
- Reg. 2(1)(c)
- Reg. 4(1)
- Reg. 3(1)
- Reg. 2(m)
- Reg. 2(l)
- Reg. 2(q)
Parties
- Shukul Wealth Advisory
- Shukul Wealth Creator LLP
- Mr. Pradip Shukla
- Mr. Dhananjay Barad
- Mr. Sandeepkumar Patel
- Mr. Devesh Tiwari
Holding
SEBI prima facie held that Shukul Wealth Advisory and Shukul Wealth Creator LLP together sponsored/carried on an unregistered mutual fund through the Daily Get Unit Plan and held themselves out as unregistered investment advisers offering assured returns, in violation of the SEBI Act, MF Regulations, IA Regulations and PFUTP Regulations, and issued interim ex parte restraints while issuing show-cause for final action.
Full text
__________________________________________________________________________________________________________________ Interim Order in the matter of Shukul Wealth Advisory, Shukul Wealth Creator LLP and MoneyFounder Advisory Page 1 of 37 WTM/MPB/IMD-DoF-3/WRO/176/2021
__________________________________________________________________________________________________________________ Interim Order in the matter of Shukul Wealth Advisory, Shukul Wealth Creator LLP and MoneyFounder Advisory Page 2 of 37
__________________________________________________________________________________________________________________ Interim Order in the matter of Shukul Wealth Advisory, Shukul Wealth Creator LLP and MoneyFounder Advisory Page 3 of 37 5.3. Franchisee Letter from Profitmart Securities Pvt. Ltd. (‘PSPL’) dated March 12, 2019 appointing SWCL as its franchisee/ authorized person. PSPL is a SEBI registered stock broker.
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Source: SecMarx — sebi:WTM/MPB/IMD-DoF-3/WRO/176/2021. 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.