sebi:WTM/MPB/SEBI/EFD-DRA4/157/2018
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Facts / Headnote
SCRPL held to have violated Section 12(1) of SEBI Act read with Regulation 3(1) of IA Regulations; SCRPL directed to refund money received from clients within 3 months with peer-reviewed Chartered Accountant certificate, not to divert fees, to repay only through crossed Bank Demand Draft/Pay Order or identified banking channels, with recovery under Section 28A on failure; SCRPL and its promoter/directors debarred from securities market and restrained from associating with listed/public fundraising companies and SEBI-registered intermediaries till expiry of 4 years from date of refund, and restrained from undertaking investment advisory services without SEBI registration after debarment.
Provisions invoked
- s. 11B
- s. 11
- s. 11(4)
- s. 19
- s. 12(1)
- s. 12
- s. 28A
Regulations
- Reg. 4
- Reg. 3
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 19
- Reg. 2(m)
Parties
- Stapes Capital Research Private Limited
- Mr. Ram Singh
- Mr. Prashant Gangwar
Holding
SCRPL was providing investment advisory services without SEBI registration in violation of Section 12(1) of the SEBI Act read with Regulation 3(1) of the IA Regulations, and SCRPL and its promoter/directors Mr. Ram Singh and Mr. Prashant Gangwar were directed to refund client fees and were debarred from the securities market for 4 years from the date of refund.
Full text
Order in the matter of Stapes Capital Research Private Limited Page 2 of 13 India Act, 1992 (“SEBI Act, 1992”) and the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 (“IA Regulations”).
Order in the matter of Stapes Capital Research Private Limited Page 3 of 13 Trade & Investment of Shares and Securities, Training people for developing Intellectual Knowledge.”
Order in the matter of Stapes Capital Research Private Limited Page 4 of 13 dedicated team of Analysts and support technicians without whom providing valued services to our customers would have proven to be a nightmarish task.
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Source: SecMarx — sebi:WTM/MPB/SEBI/EFD-DRA4/157/2018. 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.