sebi:WTM/MPB/SEBI/EFD-DRA4/6/2017
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Facts / Headnote
Directions issued: refund of fees with CA certificate within 3 months, 5-year market ban for Singhania Media Solutions and Mr. Shashikant Singhania, 10-year market ban for Mr. Ankitkumar Shashikant Singhania, prohibition on unregistered investment advisory activity, and repayment via non-transferable bank demand draft/pay order.
Provisions invoked
- s. 11B
- s. 11
- s. 11(4)
- s. 19
- s. 12(1)
- s. 12
Regulations
- Reg. 4
- Reg. 3
- Reg. 3(1)
- Reg. 2(m)
- Reg. 2(l)
Parties
- Singhania Media Solutions Private Limited
- Mr. Ankitkumar Shashikant Singhania
- Mr. Shashikant Singhania
Holding
Singhania Media Solutions and its directors Mr. Ankitkumar Shashikant Singhania and Mr. Shashikant Singhania violated Section 12(1) of the SEBI Act and Regulation 3(1) of the IA Regulations by providing unregistered investment advisory services. Directions were issued including refund of fees, market access bans of 5 and 10 years, and prohibition on undertaking investment advisory services without registration.
Full text
Page 2 of 13 Exchange Board of India Act, 1992 (“SEBI Act”) and the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 (“IA Regulations”).
Page 3 of 13 Singhania, he has continued with his unregistered activity through his company Singhania Media Solutions. 6. In view of the prima facie findings on the violations, the following directions were issued in the said interim order dated October 6, 2016 with immediate effect:
Page 4 of 13 10, 2016. However, the same could not be served. Subsequently, vide notifications dated June 10, 2017, published in the newspapers The Times of India and Lokmat, the said interim
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Source: SecMarx — sebi:WTM/MPB/SEBI/EFD-DRA4/6/2017. 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.