sebi:WTM/MPB/SRO-BLO/142/2020
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Facts / Headnote
Interim ex-parte directions issued restraining MIAPL and its Directors from accessing the securities market, undertaking investment advisory activity, diverting funds, disposing of assets, and directing banks, depositories, and RTAs to freeze accounts pending conclusion of enquiry.
Provisions invoked
- s. 19
- s. 138
- s. 179
- s. 149(1)
Regulations
- Reg. 13
- Reg. 9
- Reg. 8
- Reg. 15
- Reg. 27
- Reg. 19
- Reg. 20
- Reg. 15(9)
Parties
- Minance Investment Advisor Pvt. Ltd.
- Mr. Anurag Bhatia
- Mr. Sarbashish Basu
- Mr. Pankaj Mahanty
Holding
SEBI prima facie held that MIAPL violated multiple provisions of the IA Regulations (non-submission of material information, capital adequacy shortfall, absence of compliance officer, non-furnishing of information) and that its Directors are personally liable, and accordingly issued interim ex-parte directions restraining MIAPL and its Directors from securities market activity pending conclusion of enquiry.
Full text
________________________________________________________________________________ Interim Order in the matter of Minance Investment Advisor Pvt. Ltd. Page 2 of 15 SEBI’s Preliminary Examination
________________________________________________________________________________ Interim Order in the matter of Minance Investment Advisor Pvt. Ltd. Page 3 of 15 3.5. MIAPL has not replied to SEBI emails and letters. Issues for Consideration and Prima Facie Findings
________________________________________________________________________________ Interim Order in the matter of Minance Investment Advisor Pvt. Ltd. Page 4 of 15 Subsequently, alternate address of MIAPL was found from internet, which is, No.14, PID No. 57-166-14, 100 Feet Road, 4th Phase, J. P. Nagar, Bengaluru – 560078. On visiting the alternate address, Minance Group (MIAPL, MTPL and MRPL) was found to be working from that address. The change in office address has not been updated by the MIAPL to SEBI. The same is prima facie a material information as all the legal / statutory notices and communication from investors / clients are sent at the office address and any investor can physically approach the company to address any of his queries or to seek redressal of his grievances. Moreover, from a regulatory perspective, updating of address is also prima facie material as SEBI on a regular basis undertakes inspection of the books of accounts, records and documents of registered intermediaries which are available at the official premises of the intermediary.
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Source: SecMarx — sebi:WTM/MPB/SRO-BLO/142/2020. 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.