sebi:WTM/MPB/IMD-II/DF3/108/2020
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Facts / Headnote
Accepted withdrawal of application dated May 7, 2018 to act as Sponsor of Sahara Mutual Fund; show cause notice dated July 26, 2019 disposed of as infructuous without decision on merits
Provisions invoked
- s. 19
- s. 11C
Regulations
- Reg. 4(1)
- Reg. 3(a)
- Reg. 7
- Reg. 57
- Reg. 57(1)
- Reg. 6
- Reg. 5(e)
- Reg. 5A
- Reg. 7(a)
Parties
- Onelife Capital Advisors Limited
Holding
SEBI accepted Onelife Capital Advisors Limited's withdrawal of its May 7, 2018 application to act as Sponsor of Sahara Mutual Fund and disposed of the show cause notice dated July 26, 2019 as infructuous.
Full text
Order in the matter of application of Onelife Capital Advisors Limited Page 2 of 7 wind up all its schemes by April 21, 2018 other than the Sahara Tax Gain Fund which was permitted to continue till July 27, 2018.
Order in the matter of application of Onelife Capital Advisors Limited Page 3 of 7 dated on May 07, 2018 to become the sponsor of Sahara Mutual Fund should not be rejected. The allegation as set out in the SCN is as follows: 7.1 SEBI vide its order dated August 30, 2013 in the matter of IPO of Onelife had issued directions against Onelife and its Directors viz; Mr. T K P Naig (Chairman), Mr. Pandoo Naig (Managing Director), Mr. D. C. Parikh (Director), Mr. A. P. Shukla (Director), Mr. T. S. Raghavan (Director) and Mr. T. Shirdharani (Director) for diversion of IPO funds in violation of regulations 3(a), (b), (c) and (d) and regulations 4(1), 4(2) (f) and (k) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003. 7.2 By the aforesaid order dated August 30, 2013, Onelife and its Managing Director Mr. Pandoo Naig were jointly and severally, directed to bring ` 35.25 crore i.e. the diverted IPO proceeds within six months from the date of the order. Further, they were debarred from securities market for 3 years from the date of interim order i.e. December 28, 2011. The other non-executive/independent Directors of Onelife namely Mr. T. K. P. Naig, Mr. D. C. Parikh, Mr. A. P. Shukla, Mr. T. S. Raghavan and Mr. T. Shirdharani were directed not to take up any assignments as Directors in any company for a period of one year from the date of the order. 7.3 SEBI vide its order dated November 28, 2014 against Onelife, Mr. Pandoo
Order in the matter of application of Onelife Capital Advisors Limited Page 4 of 7 1992 and regulation 6(gg) of the SEBI (Merchant Bankers) Regulations, 1992 read with Schedule II of the SEBI (Intermediaries) Regulations, 2008. The said matter was settled vide settlement order dated February 09, 2017. 7.5 In view of the above, it is alleged that Onelife does not comply with regulation 7 (d) of MF Regulations and is not eligible for grant of certificate. Thus, its application is liable to be rejected. REPLY and HEARING
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Source: SecMarx — sebi:WTM/MPB/IMD-II/DF3/108/2020. 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.