sebi:WTM/MPB/SEBI/EFD-DRA4/01/2018
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Directions issued: refund of Rs. 3,99,79,384/- to investors, public notice, escrow account, restraint on securities market access for 4 years, debarment from association with listed/public companies and SEBI-registered intermediaries for 4 years from refund, and prohibition on unregistered portfolio management activity.
Provisions invoked
- s. 11B
- s. 11
- s. 11(4)
- s. 19
- s. 12(1)
- s. 12
- s. 28A
- s. 7(2)
Regulations
- Reg. 3
- Reg. 2
Parties
- Secure Success Plan Pvt. Ltd.
- Mr. Shreyas Manjunath
- Mrs. Annapurna Mathkur Venkatachalaiah
Holding
Secure Success Plan Pvt. Ltd. was found to have provided unregistered Portfolio Management Services in violation of section 12(1) of the SEBI Act and regulation 3 of the PMS Regulations, and its directors were held liable for the company's violations. The company was directed to refund Rs. 3,99,79,384/- to investors and both the company and its directors were restrained from accessing the securities market for 4 years from the date of refund.
Full text
Order in the matter of Secure Success Plan Pvt. Ltd. Page 2 of 23 3. Thereafter, SEBI received several other complaints against Secure Success Plan, inter alia alleging inter alia, that Secure Success Plan along with its sister concerns, i.e. Secureji Commodities Pvt. Ltd., Secureji Broking Pvt. Ltd. and Sri Bheemeswara Securities Pvt. Ltd. cheated more than 400 investors in Bangalore, promising returns from investment into stock market through auto trading. On a request of refund, Secure Success Plan failed to refund even the invested amount.
Order in the matter of Secure Success Plan Pvt. Ltd. Page 3 of 23 c) Secure Success Plan is into the business of providing recruitment and placement, selecting, interviewing and employing all types of executives, middle management staff, Junior Level Staff, Workers, Labourers, Skilled/unskilled required by various industries ….. d) There were no sister concerns having registered with SEBI and they do not offer any guaranteed return scheme.”
Order in the matter of Secure Success Plan Pvt. Ltd. Page 4 of 23 they promised 5-8% monthly returns. The complainants also forwarded the copies of various letters sent by Secure Success Plan to them.
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Source: SecMarx — sebi:WTM/MPB/SEBI/EFD-DRA4/01/2018. 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.