sebi:WTM/MPB/SEBI/EFD-DRA4/136/2018
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Violation found; MMF Solutions and its Proprietor directed to refund Rs. 64,26,952 and any other amount received, not to divert funds, not to access securities market for 4 years from refund, and not to undertake unregistered activities without registration.
Provisions invoked
- s. 11B
- s. 11
- s. 11(4)
- s. 19
- s. 11(1)
- s. 12(1)
- s. 12
- s. 28A
Regulations
- Reg. 4
- Reg. 3
- Reg. 2
- Reg. 3(1)
- Reg. 2(m)
Parties
- MMF Solutions alias MMF and Solutions
- Shri Priyansh Patodi
Holding
MMF Solutions and its Proprietor Shri Priyansh Patodi were providing unregistered Investment Advisory, Research Analyst and Portfolio Management Services in violation of Section 12(1) of the SEBI Act read with Regulation 3 of the IA Regulations, Regulation 3 of the Portfolio Managers Regulations and Regulation 3(1) of the Research Analysts Regulations, and were directed to refund amounts collected and debarred from the securities market.
Full text
Order in the matter of MMF Solutions and its Proprietor, Shri Priyansh Patodi Page 2 of 21 available on record i.e. 307, Vidyapati Complex, Race Course Road, Janjeerwala Square, Indore, Madhya Pradesh. During the course of such verification, it was discovered that the entity functioning from the aforesaid address was MMF Infotech Technologies Private Limited (“MMF Infotech”) and it was informed by MMF Infotech that they were not providing any advisory services and no such entity by the name of MMF Solutions operated from the aforesaid address. However, SEBI received a complaint on December 3, 2014 from a person who claimed to be an employee of MMF Infotech alleging that illegal investment advisory services were being offered by MMF Infotech through MMF Solutions, which was indeed a part of MMF Infotech.
Order in the matter of MMF Solutions and its Proprietor, Shri Priyansh Patodi Page 3 of 21 7. It was further observed from the examination of the website http://www.mmfsolutions.com that MMF Solutions also offered services which were in the nature of ‘Research Analyst Services’ and ‘Portfolio Management Services’.
Order in the matter of MMF Solutions and its Proprietor, Shri Priyansh Patodi Page 4 of 21 it is noted that the MMF Solutions Offices in Singapore, Malaysia and India are one and the same on account of the following facts – a. Contact Numbers given on Singapore Office website were the same as those given for the Indian Office website of MMF Solutions i.e. +919039467920 and WhatsApp number i.e. +919407177557; b. The e–mail address i.e. support@mmfsolutions.com available for the Indian Office of MMF Solutions was the same as that for its Singapore Office; c. Upon clicking on the 'About Us' and ‘Pay now’ link on the Malaysia Office website of MMF Solutions, the page connects to the Singapore Office website of that entity i.e. http://www.mmfsolutions.sg/about-us/. Further, details provided on the 'About Us' link of the Malaysia Office website of MMF Solutions such as phone number i.e. +6531582180, e–mail address i.e. info@mmfsolutions.sg, Fax number and Skype ID i.e. mmfsolutionsg, are the same as those given for the Singapore Office of that entity. The payment option offered through the aforesaid ‘Pay now’ link, connects to Credit Card or PayPal payment option for MMF Infotech Technologies. d. The domain registration details of MMF Solutions’ Singapore office website viz.http://www.mmfsolutions.sg/(as searched through https://www.sgnic.sg/faq/domain-registration#t8n20 leading to https://www.whois.net/) reveals that the registrant of the said website is Shri Priyansh Patodi havin
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Source: SecMarx — sebi:WTM/MPB/SEBI/EFD-DRA4/136/2018. 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.