sebi:WTM/MPB/ISD/1/2017
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Facts / Headnote
Interim order disposed of qua Sophia Growth – A Share Class of Somerset India Fund, Sub-Account and directions revoked with immediate effect
Provisions invoked
- s. 19
Parties
- Sophia Growth Fund – A Share Class of Somerset India Fund, Sub-Account
Holding
The interim order and the directions issued therein as modified by the order dated May 17, 2012 are disposed of and revoked qua Sophia Growth Fund – A Share Class of Somerset India Fund, Sub-Account with immediate effect.
Full text
Order in respect of Sophia Growth Fund – A Share Class of Somerset Fund Page 2 of 2 Management structure of Sophia, name of fund manager/investment manager of Sophia, details of sources of funds for dealing in the GDRs of Issuer Companies, details of dealing of Sophia in GDRs of Indian Companies, details of utilization of sale proceeds, details of any loan agreement or any other agreement Sophia might have entered for dealings in the GDRs or shares of Issuer Companies etc. from Sophia. SEBI also sought information from the Foreign Regulators of Four Countries viz. UK, Switzerland, Portugal and Mauritius.
4. From the information furnished by Sophia and the Foreign Regulators, Investigation did not find any connection of Sophia in any manner with the promoters/directors of the Issuer companies or with entities controlled / influenced by one Mr. Arun Panchariya. Thus, no evidence of any involvement of Sophia in the fraudulent scheme perpetrated by Mr. Arun Panchariya / Issuer Companies was unearthed. In view of this the prima facie findings against Sophia is not conclusively established.
5. Further, as stated in para 4 of this order, Investigation does not find any evidence of any involvement of Sophia in the fraudulent scheme perpetrated by Mr. Arun Panchariya. Since the prima facie findings are not conclusively established, the interim order needs to be disposed of qua Sophia and the restraint imposed on Sophia vide the aforesaid interim order as modified vide order dated May 17, 2012 needs to be revoked.
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Source: SecMarx — sebi:WTM/MPB/ISD/1/2017. 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.