sebi:WTM/PS/114/CIS-NRO/DEC/2015
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Facts / Headnote
Held RSP and RSBF goat schemes are unregistered Collective Investment Schemes; directed abstention from CIS, 4-year securities market restraint, wind-up and refund with returns within 3 months plus repayment report, asset alienation bar and inventory disclosure, with extended restraint and references for civil/criminal/winding-up/attachment on default.
Provisions invoked
- s. 11A
- s. 24
- s. 19
- s. 12
Regulations
- Reg. 65
- Reg. 3
- Reg. 4(2)(t)
Parties
- Step Up Marketing Private Limited
- Mr. Harjit Singh Dhariwal
- Ms. Raghbir Kaur
Holding
Step Up Marketing Pvt. Limited and its directors Mr. Harjit Singh Dhariwal and Ms. Raghbir Kaur floated unregistered Collective Investment Schemes in the guise of goat trading/rearing and contravened Section 12(1B) and Regulation 3 of the CIS Regulations. They were directed to wind up the schemes, refund investors with returns, and were restrained from the securities market for four years with ancillary directions.
Full text
Page 2 of 11 to furnish all the information/details sought by SEBI within 15 days from the date of receipt of this order, including, i. Details of amount mobilized and refunded till date, ii. Scheme wise list of investors and their contact numbers and addresses, iii. PAN of Directors of SUMPL and iv. Audited accounts for the past three years.”
Page 3 of 11 3. I have considered the interim order issued in the matter and the material available on record. It is noted that the Company was incorporated on June 13, 2002. The registered office of the Company is situated at SCF – 67 & 68, Sector 16A, Opposite Nehru College, Faridabad, Haryana. The interim order has discussed about the schemes offered by the Company. Such facts and observations are as under:
Page 4 of 11 want to keep the goat with ‘RSP’ etc. The ‘terms and conditions’ as noted on the said application form are as under:
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Source: SecMarx — sebi:WTM/PS/114/CIS-NRO/DEC/2015. 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.