sebi:WTM/PS/36/ISD/SEPT/2014
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Restrained the noticees from buying, selling or dealing in the securities market, directly or indirectly, for a period of 5 years; directed them not to conduct any activity requiring SEBI registration; directions to be served on stock exchanges and depositories.
Provisions invoked
- s. 11
- s. 19
- s. 12(1)
- s. 12A
- s. 12
Regulations
- Reg. 11
- Reg. 3
- Reg. 2(1)(c)
- Reg. 4(1)
- Reg. 2
Parties
- Mr. Imtiyaz Hanif Khanda (PAN: AVQPK5639L), Proprietor of M/s. Right Trade and M/s. Sai Traders
- Mr. Vali Mamad Habib Ghaniwala (PAN: BGHPG6861M), Proprietor of M/s. Bull Trader and M/s. Laxmi Traders
Holding
The noticees were restrained from buying, selling or dealing in the securities market, directly or indirectly, for a period of 5 years, and directed not to conduct any activity in the securities market requiring SEBI registration. The SCN was disposed of with these directions.
Full text
Page 2 of 13 receipt (into their account) of registration fees from an entity in advance. It was also observed that M/s. Right Trade had a website – www.righttrade.in claiming to provide portfolio management services and investment advisory services in equity and commodity markets in several countries. The website also claimed that M/s. Right Trade has offices in several countries.
Page 3 of 13 investment advisors without obtaining registration from SEBI to act as investment advisors, prima facie in violation of section 12(1) of Securities and Exchange Board of India Act, 1992 ("the SEBI Act") read with regulation 3 of the SEBI (Investment Advisers) Regulations, 2013 ("the Investment Advisers Regulations") ;
Page 4 of 13 4. After affording an opportunity of personal hearing and on consideration of the submissions of the noticees, SEBI confirmed the directions (issued vide the interim order) vide an
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Source: SecMarx — sebi:WTM/PS/36/ISD/SEPT/2014. 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.