sebi:WTM/PS/22/IMD/DoF-I/JULY/2015
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Facts / Headnote
Directions issued: prohibition on dealing in securities market for four years, prohibition on undertaking securities market activity without registration, direction to return monies with promised returns within 3 months with CA certificate, and referral for adjudication proceedings.
Provisions invoked
- s. 19
- s. 11(1)
- s. 12(1)
Regulations
- Reg. 3
- Reg. 2
Parties
- Unique Vision Financial Advisory Pvt. Limited
- Mr. Chandrakant Shamrao Dhole
- Mr. Ravindra Shankar Kaurav
Holding
Unique Vision Financial Advisory Pvt. Limited and its directors were found to have operated as an unregistered portfolio manager in violation of Section 12(1) of the SEBI Act and Regulation 3 of the PMS Regulations, and were prohibited from dealing in the securities market for four years and directed to return investor monies with promised returns within three months.
Full text
Page 2 of 7 "9. ... i. to cease and desist from acting as a portfolio manager, ii. not to solicit or undertake anymore such activity or any other unregistered activities in the securities market, directly or indirectly, in any manner whatsoever, iii. not to divert any funds raised from any of its existing clients/investors.
Page 3 of 7 4. Before proceeding further with the matter, an opportunity of personal hearing was afforded to the noticees on April 17, 2015, when the noticees namely Mr. Chandrakant Shamrao Dhole and Mr. Ravindra Shankar Kaurav appeared for themselves and for the Company and reiterated the submissions made in the reply. The noticees also submitted a 'compact disc' containing the details of the bank accounts of the Company. The noticees also requested for one week's time for submitting the written submissions which was duly granted. The noticees vide email dated April 24, 2015, requested for an extension till May 05, 2015, for submitting the written submissions and the bank statements. Vide another email dated May 09, 2015, the noticees requested for further extension till May 18, 2015. The noticees namely Mr. Chandrakant Shamrao Dhole vide his letter dated May 19, 2015, submitted that he had collected ₹ 1,84,60,000 from the investors and had returned ₹ 1,35,87,636 to investors in the form of monthly return. The noticee also requested SEBI to consider the said payment as a payment of principle amount collected from the investors and agreed to pay the remaining amount i.e. ₹ 48,72,364 to the investors, for which he requested for additional time. Along with this letter he also filed the bank statements of the Company with ICICI Bank and IDBI Bank. As the details provided by the noticee were not clear, SEBI vide email dated June 08, 2015, sought certain additional details i.e.
Page 4 of 7 a. Unique was incorporated on September 26, 2011. The registered office of the company is situated at "Survey No. 48/3, C/4, Heavan Park, Mohammad Wadi, Hadapsar, Pune- 411028". Its Directors are Mr. Chandrakant Shamrao Dhole (who holds 81% of the shares of the Company) and Mr. Ravindra Shankar Kaurav (holds 19% of shares of the shares of the Company).
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Source: SecMarx — sebi:WTM/PS/22/IMD/DoF-I/JULY/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.