sebi:WTM/MPB/SEBI/EFD-DRA4/10/2017
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Facts / Headnote
Violation found; Shri Varun Pratap Singh and VPS directed to refund money received from clients with promised returns within 3 months and debarred from securities market for 4 years from date of refund
Provisions invoked
- s. 11B
- s. 11
- s. 11(4)
- s. 19
- s. 12(1)
- s. 12
Regulations
- Reg. 3
- Reg. 2
Parties
- VPS Advisory Services
- Shri Varun Pratap Singh
Holding
Shri Varun Pratap Singh and his proprietorship VPS Advisory Services provided unregistered portfolio management services in violation of section 12(1) of the SEBI Act and regulation 3 of the PMS Regulations, and were directed to refund client money with promised returns and debarred from the securities market for 4 years from refund.
Full text
Order in the matter of VPS Advisory Services dated August 22, 2017 Page 2 of 16 Pradesh. However, VPS was running its business from Bangalore from A1, Ist Floor, Savithri Residency, No. 51 & 52, Yellapa Garden, Bangalore - 560085. Shri Varun Pratap Singh was a registered sub-broker of Sharekhan in the trade name Bangalore Consultancy Services till November
Order in the matter of VPS Advisory Services dated August 22, 2017 Page 3 of 16 i. “to cease and desist from acting as portfolio manager and not to solicit or undertake such activity or any other activities in the securities market, directly or indirectly, in any manner whatsoever;
Order in the matter of VPS Advisory Services dated August 22, 2017 Page 4 of 16 a. VPS was not providing any Portfolio Management service since November, 2013, as it was directed by SEBI to stop unauthorized Portfolio Management services. He has submitted copies of emails dated June 18, 2014, wherein he has refused to provide services of Demat account handling to a client.
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Source: SecMarx — sebi:WTM/MPB/SEBI/EFD-DRA4/10/2017. 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.