sebi:WTM/PS/47/CIS-NRO/AUG/2015
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Facts / Headnote
Ally Multi-Trade India Private Limited and its directors held liable for operating unregistered collective investment schemes; restrained from securities market for four years, directed to wind up schemes and refund investors, with references to be made for criminal prosecution and winding up.
Provisions invoked
- s. 11A
- s. 11
- s. 24
- s. 19
- s. 12
- s. 58A
Regulations
- Reg. 65
- Reg. 3
- Reg. 4(2)(t)
Parties
- Ally Multi-Trade India Private Limited
- Mr. Chetan Yashwant Thakur
- Mr. Vijay Dattaram Chavan
- Dr. Suryakant Sambu Bhosle
Holding
Ally Multi-Trade India Private Limited and its directors were found to have operated collective investment schemes without obtaining registration from SEBI, in contravention of Section 12(1B) of the SEBI Act and Regulation 3 of the CIS Regulations. The company and its directors were restrained from the securities market for four years and directed to wind up the schemes and refund investors.
Full text
Page 2 of 18 2. The interim order was issued in order to protect the interest of investors, safeguard the assets/ property acquired by the Company by using the funds collected from the investing public and also to prevent the Company from further carrying on with its existing fund mobilizing activities through the alleged CISs. It directed Ally and its directors namely Mr. Chetan Yashwant Thakur, Mr. Vijay Dattaram Chavan and Dr. Suryakant Sambu Bhosle (hereinafter collectively referred to as the ‘noticees’):
Page 3 of 18 c. There is an error in the expected return offered to a customer by the Company. 4. The noticee namely Mr. Suryakant S. Bhosle vide his letter dated September 06, 2014, submitted the reply to the interim order while stating that he had joined the Company as a Director on June 11, 2013 and had resigned on November 08, 2013. He also forwarded the copies of ‘Form 32’, in support of the submissions.
Page 4 of 18 independent proceeding. Upon this, it was explained to the noticees that the instant proceedings are separate. Thereafter, no further submissions were made by the noticees during the personal hearing.
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Source: SecMarx — sebi:WTM/PS/47/CIS-NRO/AUG/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.